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The highest value of XRP can be sold for 0.554 US dollarincreased by 3% in the last 24 hours. However, XRP mainly remains in the red in the 30-day period, breaking below the $0.6 level at the beginning of the month. At the time of writing, XRP is down 5.3% in the last 30 days.
According to CoinCodex, a machine learning algorithm, XRP should continue its bullish trajectory this week. According to its latest forecast, XRP i in the path of increasing pressure this week and will maintain its strength throughout the week, with the price expected to surpass the $0.60 mark.
CoinCodex Forecast: XRP Price Set For This Week’s Rally
CoinCodex’s machine learning algorithm paints a very positive picture of XRP’s price journey this week. Its Fear & Greed Index, a popular tool that measures investor sentiment, currently reads 72 for XRP, indicating a “greedy” trend. Furthermore, sentiment has now turned neutral after spending the previous days in bearish territory.
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In accordance with CoinCodex algorithm, XRP technical indicators continue to support the bullish case. Of the 29 key indicators used in the analysis, 20 are bright signals, while only nine give bearish signals. This dramatic tilt points to growing market confidence in XRP’s short-term prospects. Given these indicators, the algorithm predicts that XRP will once again break above the $0.60 level this week.
More notably, CoinCodex expects XRP to experience double-digit gains by the end of the week. The algorithm sets the goal of XRP to close the week at $0.635269, which shows a significant increase of 16% from its current price levels. Such an outcome would mark a major milestone for XRP, as it could be the first time in a very long time that cryptocurrency is posting double-digit gains on a weekly basis.
What To Expect With XRP This Week
If XRP’s price action plays out as predicted, it could signal the start of an extended rally for the cryptocurrency as momentum builds and investors pile in. A combination of good technical indicators and strong market sentiment. it makes this week an important time in XRP, as it suggests that the asset is positioned for further gain.
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According to CoinCodex analysis, XRP has support levels at $0.540343, $0.534077, and a strong base at $0.530528. On the resistance side, key levels to watch include $0.550157, $0.553706, and $0.559972, which could pose challenges to its upward path.
A key XRP price target to watch will be the $0.60 level. If broken, the momentum could pave the way for XRP to test the proposed $0.643268 mark by the end of the week.
The featured image was created with Dall.E, a chart from Tradingview.com