Is XRP Price Ready to Break Toward $1? Key Analysis of Resistance Levels

Price Prediction Ripple XRP

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

September 15, 2024

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The XRP price has declined by 2% in the past 24 hours, slipping to $0.574 as the cryptocurrency market loses 3% today after a strong weekend.

XRP retains an 8% gain in a week and 1.5% increase in a month, with the seventh-biggest coin in the market rising by 15% since this time last year.

Such percentages aren’t particularly impressive, but they put XRP in a strong position to make more consolidated gains in the coming months.

And with this seek witnessing the first of potentially three rate cuts from the Fed this year, the XRP price could begin climbing more consistently very soon.

Is XRP Price Ready to Break Toward $1? Key Analysis of Resistance Levels

XRP’s bounce over the weekend means that its resistance level (red) is now rising, inviting hope that we will witness sustained price increase in the near and mid term.

As of writing, the coin’s resistance level stands at just below $0.60, which it failed to break on Saturday.

However, after retreating from this target, XRP’s indicators now suggest that the alt could be ready to stage another ascent.

Its relative strength index (purple) has jumped from 25 early this morning to just over 45, with its trajectory suggesting that it will continue to climb.

XRP is actually up by 0.5% in the past hour, which also adds to hopes that today will be positive in the main for the cryptocurrency.

Its 24-hour trading volume has also returned to $1 billion, up from $750 million overnight as buyers look to acquire the coin at a discount.

While some whales have been offloading XRP in the past 24 hours, others have begun accumulating the token once again.

As such, it would seem that the XRP price could experience a significant increase in the near future, particularly if the Federal Reserve does cut interest rates this week, as expected.

There’s an expectation that the Fed may push a bigger cut this week, of half a percentage point, something which could invite greater bullishness.

In such a context, the XRP price could reach $0.60 by the end of the week, before rising to $0.70 by November.

Longer term, the coin continues to look good, given Ripple’s ongoing efforts to sign new partnerships and expand its cross-border transfers business.

New High-Potential Altcoins for Quicker Gains

XRP remains one of the strongest alts in the market in terms of fundamentals, yet it may continue to post only gradual gains, frustrating traders looking for bigger, quicker payoffs.

In such a case, investors may do well to check out newer coins, with certain meme tokens (e.g. PEPE, FLOKI, BONK) outperforming the vast majority of major cryptos over the past 12 months.

And one new coin with a good chance of joining this list is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has already raised over $230,000 in its recently opened presale.

Combining its own native meme token with an online crypto-friendly casino, already looks like one of the best new projects as far as its fundamentals go.

Its gambling platform will provide more than 1,000 crypto-native games to play, from the typical slots and table games to a wide-ranging sports book.

Users can place bets with established meme coins such as Pepe, Dogecoin, Bonk and Shiba Inu, but they can bump up their rewards and bonuses by wagering in MEMEBET.

This means that there’s a very strong incentive to hold MEMEBET, something which could boost its price over time.

As a token, it comes with a max supply of 2 billion MEMEBET, with 70% going to the presale, 20% to casino rewards and 10% to liquidity.

This makes it highly decentralized for a meme coin, and when you add its utility into the mix, MEMEBET has very strong prospects.

Investors can take part in its sale by going to the official Memebet Token website, where 1 MEMEBET token costs $0.0251.

This price has already risen once since the coin’s sale kicked off last week, and it will rise every few days until the sale ends.

Check Out MEMEBET Here