Ripple’s XRP saw a significant price surge after being listed on Wednesday on popular trading platform Robinhood.
This pushed the XRP token price to a new high for the year, reaching $0.75, and appears poised to hit a new peak before the year ends. Here’s why.
Ripple Price Increases, Thanks to Robinhood
On Wednesday, Robinhood’s cryptocurrency division expanded category file, adding support for XRP and several other altcoins. For example, the platform also relisted Solana (SOL) and Cardano (ADA) for US customers, reversing last year’s regulatory delistings.
The listing stimulated buying demand for XRP, pushing the price to a new yearly high, $0.75, during intraday trading. Although the price has since dropped 7%, the bullish trend for this altcoin remains strong. At the time of writing, XRP trades at $0.70.
At current prices, XRP is trading on the Ichimoku Cloud. TinTucBitcoin’s analysis of XRP/USD’s one-day chart suggests this could be the first sustained rally in the cloud in over a month.
The cloud is an indicator that tracks the dynamics of asset trends and identifies potential support/resistance levels. When the price of an asset remains above the cloud, it shows a strong uptrend, implying that buyers are in the upper hand and market sentiment is positive.
Furthermore, traders often confirm trends by looking at the Conversion Line (blue) and the Base Line (red). If both are in the cloud and moving up, it reinforces the optimistic outlook. As of now, this is true for XRP, confirming the market’s uptrend.
Additionally, the Chaikin Money Flow Index (CMF) for XRP is on the rise, indicating growing demand for the altcoin. At the time of writing, this index was at 0.28.
This indicator measures the flow of money into and out of an asset. When its value is above zero, buying pressure outweighs the selling activity of market members.
When this happens during a bull run, as in the case of XRP, it adds credibility to the price growth. It turns out that the price increase is not influenced by speculation but is based on actual demand.
XRP Price Forecast: $0.80 Could Be Next High
XRP is trading at $0.70, slightly below the $0.72 resistance. If demand strengthens, the Token could surpass this level and reclaim a new yearly high of $0.75. A successful breakout above this point could push XRP price to $0.80, a high last seen in July 2023.
However, an increase in selling activity could invalidate this optimistic outlook, causing the XRP Token price to fall to $0.66. If this support fails to hold, the price could fall further to $0.59.
