The world's sixth-largest cryptocurrency, XRP, showed a strong divergence from the rest of the crypto market last week amid strong whale activity and investor interest.
Dividing the Market, XRP Continues Its Rise
Defying once again the widespread correction in the market, 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 turned lower at $0.543 as it continues to face strong resistance at $0.55. On the technical charts, XRP successfully broke the initial support level at $0.5113 and rallied to a high of $0.54647 towards the end of the session.
It also broke the primary resistance level at $0.5298 and briefly surpassed the secondary resistance level at $0.5407 before pulling back slightly to close the day at $0.53481.
Market analysts also continue to share bullish momentum calls for the XRP price. The so-called crypto analyst Kaleo said he expects the bullish continuation for XRP after retesting the diagonal resistance as support.
Kaleo stated that he expects the XRP price to rise as high as $0.60.
$XRP looks ready to accelerate from here.
$0.60+ in sight. https://t.co/tD9pz1fykL pic.twitter.com/efynnSjpfQ
— K A L E O (@CryptoKaleo) June 4, 2023
Moreover, the crypto analyst also pointed to the XRP/BTC price chart, adding that the cryptocurrency could be ready for a breakout from here.
Another popular crypto analyst, TheFlowHorse, stated that it has started accumulating XRP, suggesting that the altcoin price structure is poised to explode.
Discussion gained momentum this past weekend that Ripple may be planning for an Initial Public Offering (IPO) shortly after it settled its case with the US Securities and Exchange Commission.
According to analysts, with Ripple likely to win the case, the outcome could likely be known by the end of July.
At the time of this writing, XRP was trading at $0.5349.
*Not investment advice.
