XRP Price Prediction – Here Are the Chances of the Altcoin Hitting $0.7 Next

• XRP's volatility at the beginning of this month has given way to stability over the past ten days
• Steady gains were encouraging, but market sentiment could deter XRP bulls

XRP's price trend has been mostly slow over the past ten days, but the resistance in the mid-range at $0.585 has been overcome, meaning the highs of the range where XRP has been trading for more than a year would be the next target.

A recent report highlighted that the token presents an attractive buying opportunity. Should traders aim for higher highs or exit their trade and lock in profits near the range bottom?

The next bullish target is in sight

Source: XRP/USDT on TradingView

Now that the middle level of $0.585 has been breached, the high of $0.7 is the next clear target. XRP has gained 9.9% since last Friday, and the daily RSI appears to be above 50, indicating bullish momentum.

However, the $0.63 zone has served as resistance since the beginning of July. In addition, Bitcoin [BTC] also has a resistance zone at $64,000-66,000 and was trading at $64,100 at press time.

The steadily rising OBV is an indication of strong demand, but if the overall market sentiment turns pessimistic in the coming days, it will be difficult for the bulls to push the price above $0.63.

In case of a rejection from the resistance level, bulls would do well to keep prices above the $0.585 support. This would encourage swing traders to look for a buying opportunity targeting the range highs.

The speculative mood is strongly optimistic

Source: Coinalyze

XRP's price increases were accompanied by a steady increase in open interest. Together, they signaled futures traders were willing to enter long positions and indicated bullish sentiment. The funding rate also turned more positive.

Read Ripples [XRP] Price forecast 2024-25

Finally, the spot CVD stabilized its downtrend without moving higher yet. Overall, there have been signs of further gains in XRP, but it is unclear whether the strength is enough to push the price to $0.7.

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and reflects solely the opinion of the author.