Ripple Price: If These Developments Happen, XRP Price May Take Off!
Ripple (XRP) , which is the sixth largest cryptocurrency in terms of market volume, continues to move with the general price movements. Although still suppressed due to its lawsuit with the SEC, the price of XRP is relatively keeping up with the cryptocurrency market.
XRP Price Actions
As of the writing of the article, it is seen that XRP, which is trading above $ 1, has broken the $ 0.9 resistance. However, XRP is facing resistance at $1.1. XRP faced rejection at this level after surging above $1.1 on October 6.
However, analysts think that XRP is currently in a consolidation and therefore price increases may continue over the weekend. If the price increases and the $ 1.1 resistance is broken, it is thought that the second strong resistance in front of XRP will be in the $ 1.4 band and $ 1.5 will act as a psychological resistance.
XRP Price Prospects
In order for a rally to occur in the XRP price, it is expected that its case with the SEC will be concluded and that Ripple will now take steps in areas such as DeFi and NFT. Some analysts think that the XRP price may experience very serious increases with Ripple’s developments in the field of DeFi or NFT .
Due to the litigation process with the SEC, XRP has not yet broken its 2018 record. During the rally of 2021, XRP was able to rise as high as $ 1.9 and remains well below the record price of $ 3.84.
If XRP breaks $ 3.84, the first target of analysts is $ 5, and it is thought that an innovation in the DeFi or NFT field can increase the price of XRP up to $ 10.
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should perform their transactions in line with their own research.