Ripple (XRP) Heading for New Yearly High, Could Break Above $0.50
The price of Ripple’s XRP token is taking off again after mildly retracing from the weekend’s gains.
Late Sunday evening (UTC) XRP, along with the majority of cryptocurrencies, enjoyed a decent price hike that almost broke its yearly high of $0.48. A strong correction threatened to take XRP back below $0.40 but if found support at $0.42 and is now climbing again.
What’s driving the rally?
Following yesterday’s ‘golden cross’ moment for XRP, the general sentiment is higher than ever amongst XRP enthusiasts and many believe a huge rally is incoming. There has been a slew of good news lately regarding Ripple, not least of which is that of Wall Street veteran and ex-Goldman Sachs executive Breanne Madigan leaving Blockchain.com to join Ripple.
Madigan had worked at Blockchain.com as head of institutional sales and strategy, tasked with helping launch the wallets institutional investment platform. However, she now says she will continue with similar work at Ripple.
“This is an exciting time to be joining the Ripple team, helping to foster mass adoption of digital assets and transforming global payments systems across the world,” she said in an interview with crypto news site The Block.
She is the second ex-Wall Street employee to leave the Blockchain.com team in recent days, with Jamie Selway, global head of institutional markets, leaving in January this year.
Sights set high for the XRP price
In other news, David Gokhshtein, founder of Gokhshtein.com and member of the Forbes Finance Council, recently doubled-down on his prediction that XRP will soon hit $10 per coin. In a recent tweet he boldly stated:
“When $XRP touches $9-$10, all the “people in it for the tech” or “can’t get into $XRP because it works with the banks” will cry.”
The tweet was a follow up to an earlier message he published stating his believe that XRP is a few weeks away from making a move, along with other altcoins.
Having broken through resistance at $0.45, XRP is now likely to face weak resistance at $0.47 with the $0.50 level providing strong psychological resistance.
Following its ascending upward channel, XRP looks set to continue this move all the way above $0.48 in the next 24-48 hours and possibly break $0.50. It’s MACD indicator and the increasingly widening gap between its moving averages both support a continued uptrend.
The $0.45 level should now revert to initial support, with $0.42 offering stronger support below that.