XRP – A Huge Rally Awaits, All Set to Reach $6 Under These Conditions

XRP – A Huge Rally Awaits, All Set to Reach $6 Under These Conditions

After the third swing low on August 31, the XRP price rebounded. It lacked the impetus to break through a crucial hurdle. A huge rally awaits Ripple if it can consolidate below this level.

A huge rally awaits Ripple if it can consolidate below this level. To test the $1.27 resistance, the XRP price surged 21% between August 31 and September 3. It hasn’t crossed this crucial barrier in the last 48 hours, preventing advances.

It has been an exciting four months for XRP. From $1.9 to $0.5, the alt shot. Now that XRP is back over $1.2, the market seems to be targeting $1.35, $2.44, and finally $6.39.

Unquestionably, the Ripple v. SEC case influenced the growth and fall of XRP significantly. SEC opposes Ripple’s request to disclose its employees’ XRP holdings, the latest update in the continuing case. The previous quarter’s updates fueled XRP’s price volatility.

This surge was driven by the larger market mood and Bitcoin’s movement. A 25% increase would be enough to close the fair value difference. Thus XRP was viewed as decoupling from the broader market mood. Can traders benefit from the coin’s good fortune?

So long as XRP stays above the barrier on daily charts, the path to $6.39 seems simple. Another key weekly closing was over $1.26-1.27 for the alt.

Moreover, the asset’s 12-hour chart showed higher lows, suggesting a rise to $6. On the XRP charts, the ascending pattern targets $1.35, $2.44, and ultimately $6.39.

Sortino Ration Implies a More Significant Return

High transfer volumes and whale movements usually precede a price increase or decrease. Notably, significant XRP transfers from accounts to exchanges have occurred recently.

Amidst XRP’s recent positive price movement, the currency’s Sharpe ratio fell dramatically after recently hitting a 2-year high. As a result, XRP’s Sharpe ratio declined.

Rationally, a more excellent Sortino ratio implies a more significant return per unit of bad risk taken on by the investment. With resistance still present, traders may profit by trading whenever XRP breaches the key $1.3 barrier, which was close at hand.

According to CoinMarketCap, the XRP price today is $1.39 USD with a 24-hour trading volume of $6,944,694,231 USD.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.