XRP Expected to Surge; Will It Reach $0.5 Resistance Level?

After the huge crypto market plunge, most of the coins are on the surging track, with a slight spike of 3.25% in BTC price, in the past 24 hours. While analyzing the XRP price, the coin is also rallying by 5.32% and currently trades at a price of $0.43.

Soon after the great market dip, like all other cryptocurrencies, XRP started climbing up on May 13, with the highest intraday price of $0.46. As the trading chart of the XRP shows, the coin has crossed the $0.33 price dip that happened on May 12. This also means that XRP has risen above its support level to reach its current price of $0.43.

Significantly, if XRP follows trendline support, it might gradually break its resistance level of $0.5 or $0.6. Its recent surge in the month of March made the coin trade at $0.9. If the coin exponentially hikes to reach this stage, it is expected to reach the high price of $1.96 which it achieved in April 2021. However, this price forecast still depends on the behavior of the bullish market.

Furthermore, if XRP keeps this trend constant, it is likely to reach $0.7, allowing the sellers to earn more profit. Essentially, XRP has surged from its last day’s price of $0.42. Therefore, as market analysts note, the coin might go up in the upcoming days. 

Recently, Ripple announced a $100 million investment in climate-focused fintech and carbon-reduction technology. The fund will be used for speeding up carbon removal procedures. Stressing this new venture of Ripple, there is an expected chance for XRP price to boost up in the following days. 

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.