XRP Price Prediction: Bulls Target the Range Highs as Speculative Sentiment Turns Keenly Bullish

XRP’s price trend has been slow for much of the past ten days, but the $0.585 mid-range resistance has been overcome. What this means is that the highs of the range that XRP has traded within for more than a year would be the next target.

XRP’s price has been trading within a defined range for over a year now, and a recent breakout could lead to the highs of the range becoming the next target.

A recent Santiment report highlighted how the token presented an attractive buying opportunity last week. Should traders aim for the next range highs, or look to exit their trade and secure profits at the lower end of the range?

XRP’s next bullish target is in sight

Source: XRP/USDT on TradingView

Now that the $0.585 mid-range level has been breached, the next clear target would be the highs of the range at $0.7. XRP has gained 9.9% since last Friday, and the daily RSI was seen to be above 50 to denote bullish momentum.

However, the $0.63-zone has presented itself as a resistance level since early July. Furthermore, Bitcoin’s [BTC] resistance zone was also seen to be at $64k-$66k, with BTC trading at $64.1k at press time.

The OBV was seen to be steadily rising to indicate strong demand, but the bulls may face difficulty in pushing prices above $0.63 if the broader market sentiment turns bearish in the coming days.

In the event of a rejection from the resistance level, the bulls would be expected to maintain prices above the $0.585 support. This would encourage swing traders to identify a buying opportunity targeting the highs of the range.

Speculative sentiment is keenly bullish

Source: Coinalyze

XRP’s price gains were accompanied by a steady uptick in the Open Interest. Together, they signaled Futures traders willing to go long and outlined bullish sentiment. The funding rate has also been growing more positive.

الاتحاد الأوروبي يخطط لفرض ضريبة على المعاملات الرقمية في إطار جهوده لسد العجز في الميزانية

Finally, the spot CVD steadied its downtrend, without moving higher yet. In total, there was some evidence to suggest that XRP could see some more gains, but it is yet to be seen if there is enough strength to propel the price to $0.7.

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