3 Reasons Why XRP Can Hit $0.60 Today
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With a number of circumstances coming together to make this move highly likely, XRP is poised to reach the $0.60 mark today. XRP may surpass this noteworthy level for the following three reasons:
XRP already extremely close to $0.60
Given that XRP is currently trading slightly below $0.6 it will be easier for it to overcome this obstacle. Given how often traders drive prices in the direction of round numbers it wouldn't take much buying pressure to push XRP over the edge. As XRP remains stable at these levels it appears that the market momentum is in favor of an increase.
Signal of golden cross
A golden cross, a bullish technical indicator, has just appeared on the XRP chart. Such an event occurs when the 50-day moving average crosses the 200-day moving average suggesting potential upward momentum. Golden crosses have traditionally been used to indicate significant price increases and the fact that XRP is currently showing this pattern supports the bullish outlook.
$0.60 had already been violated
The golden cross is interpreted by many traders as an indication that an asset is about to go into a strong uptrend which raises expectations that it will hit $0.60. Yesterday, XRP jumped above $0.60 and even touched $0.61 before a brief decline. This shows the market is interested in the product in enough volume to keep it moving above $0.60. It is implied that traders are getting ready to try again, because XRP has already reached this point.
Denys SerhiichukThe most recent breach of $0.60 offers more proof that the market can tolerate higher prices at least temporarily. What would happen if XRP is denied at $0.60? While it is highly likely that XRP will reach $0.60 today it is important to consider the alternative. The next immediate price target, if XRP is rejected, at this point is most likely $0.56.
According to this, it looks like the market will keep moving sideways and that XRP will remain within a narrow trading range. A breakout or a retreat could dictate the assets next move so traders need to monitor both carefully.
Alex Dovbnya