The world’s sixth-largest cryptocurrency XRP has shown strong decoupling from the rest of the crypto market over the past week amid strong whale activity and investor interest. Defying the broader market correction once again, Ripple’s XRP has gained 2.5% in the last 24 hours and is currently trading at $0.532 with a market cap of $27.6 billion.
However, XRP has reversed its trajectory from $0.543 as it continues to face strong resistance at $0.55. On the technical charts, XRP successfully surpassed the initial support level (S1) at $0.5113 and experienced a surge to a peak of $0.54647 toward the end of the session.
It also broke through the primary resistance level (R1) at $0.5298 and briefly exceeded the secondary resistance level (R2) at $0.5407 before retracing slightly to close the day at $0.53481.
Market analysts have been also sharing bullish momentum calls for the XRP price going ahead. Pseudonymous crypto analyst Kaleo said that he expects a bullish continuation for XRP after retesting the diagonal resistance as support. Kaleo said that he expects the XRP price to rally further to $0.60.
$XRP looks ready to accelerate from here.
— K A L E O (@CryptoKaleo) June 4, 2023
Furthermore, the crypto analyst also pointed out the XRP/BTC price chart adding that the cryptocurrency could be poised for a breakout from here. Another popular crypto analyst @TheFlowHorse noted that he’s starting to accumulate XRP with the altcoin price structure suggesting that it’s ready to break out. He wrote:
“Not really looking at a whole lot of charts lately, but not gonna lie, between the weird spot bid and the launchy looking setup, I think I need to start TWAPing (time-weighted average price) XRP.”
Ripple ICO On the Cards?
Over the last weekend, the discussion gained momentum that Ripple could be planning for an Initial Public Offering (IPO) soon after it settles its case with the U.S. Securities and Exchange Commission. As per analysts, the outcome could be likely by July end with the odds of Ripple winning the case.
As per a few market analysts, Ripple could have mammoth valuations considering that it holds $21 billion worth of XRP already in its reserves. If true, this could be another major crypto IPO in the market after Coinbase.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.