The XRP token’s price has experienced a solid 6% surge over the past week, with its market value trading at $0.5546 at press time. This price momentum appears to mimic the broader market optimism, which can be attributed to the recent re-election of former U.S. President Donald Trump.
Trump’s political stance, often seen as pro-business and market-friendly, could invigorate the crypto sector, with the XRP cryptocurrency emerging as a beneficiary of this renewed momentum. As momentum builds for further gains, bullish sentiment might drive XRP higher, setting sights on a potential $0.60 price target for the upcoming week.
XRP Weekly Analysis Outlook
On TradingView’s daily chart, XRP began the week on a low note, sliding to $0.4919—a level it hadn’t touched since October 25. This represented a 4.1% drop from its opening price of $0.5129, stirring concern among investors. Yet, this dip proved brief, as the cryptocurrency quickly shifted gears, kicking off a 4-day bullish rally that pushed the price back toward its previous resistance near $0.56.
Momentum gathered, and the token surged to a weekly high of $0.5791, igniting hopes of a breakthrough. However, the token encountered firm resistance at this peak, leading to a slight retracement. The pullback settled around $0.5489, a level that intriguingly aligns with the 0.382 Fibonacci retracement—a potential pivot point that could signal the next decisive move for XRP’s price.
Bullish Momentum Builds as XRP Consolidates
The Relative Strength Index (RSI) hints at a brief cooling-off period for XRP, with its line tilting slightly downward. This subtle shift suggests that the cryptocurrency might be entering a consolidation phase, potentially carving out a fresh support level before making its next upward move.
Currently sitting at 57.29 and holding above the signal line, the altcoin maintains a bullish stance with ample room for growth, as it remains well below overbought territory—signaling more potential for long-term gains. Similarly, the Directional Movement Index (DMI) bolsters this outlook, with the +DI at 28.6427 outpacing the -DI at 18.0078, highlighting that buying demand is overpowering selling pressure.
Meanwhile, an ADX reading of 20.3934 points to a moderate yet steady trend strength, creating a solid foundation for upward momentum. As long as the XRP token holds critical support levels, this stable setup could drive it toward its ambitious $0.60 target in the near term, keeping bullish hopes alive for what’s to come.
Future Outlook: Will XRP Price Reach $0.60 Next Week?
With a bullish technical outlook, XRP appears poised to hit the anticipated $0.60 mark—but certain conditions must align for this target to materialize. To solidify an upward trend, the cryptocurrency must first close above the critical $0.56 resistance level, a move that would affirm the strength of the bullish momentum.
If this resistance is breached, the altcoin could then test intermediate levels at $0.5696 and $0.5909, inching closer to the coveted $0.60 milestone. Confirmation of a robust uptrend, indicated by an ADX value above 21 on the DMI indicator, would further bolster the likelihood of reaching this target in the coming week.
However, a different scenario could unfold if the XRP price fails to hold key support near $0.5247 or breaks above the $0.56 resistance. Under such conditions, the token might struggle to gain traction and could retreat to lower levels, possibly finding a safety net around the $0.50 mark before rallying again.
Also Read: Research Firm Sees Bullish Potential in Shiba Inu, Forecasts SHIB to Outshine Dogecoin
Source: https://www.cryptonewsz.com/xrp-price-gains-6-eyes-weekly-target-of-0-60/