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April 20, 2024
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This Altcoin Will Soon Join the Party: While XRP Price is Poised to Hit $2 in 2024

The post This Altcoin Will Soon Join the Party: While XRP Price is Poised to Hit $2 in 2024 appeared first on Coinpedia Fintech News

No sooner than the Bitcoin price achieved new highs at $69,000, the crypto markets were flooded with huge buying volume. Nevertheless, it remained for a very restricted time frame as the altcoins had a strong pullback, despite experiencing a minor bullish push. Among them are some tokens like Ethereum, which sustained strongly, while others like XRP and Litecoin (LTC) faced major drawbacks.

However, both tokens continue to remain at the foothills of an explosion, which may propel the prices beyond interim resistance. The XRP price is trying to breach the upper resistance despite multiple failed attempts. The current trade set-up indicates the price may again face a minor pullback as the technicals turn bearish. 

The weekly chart suggests price trading within a decisive symmetrical triangle, while the token is still distinct from its apex. RSI is displaying a bearish divergence, while DMI is also not favouring the bulls. However, after the recent pullback from $0.66 to $0.54, the price has reclaimed $0.6, which suggests the bullish momentum will prevail.

Hence, the XRP price may consolidate along the resistance for a couple of weeks, beyond which a healthy rebound could lift the price above $0.7 initially and later to $0.8. Once the price settles above $1, the XRP price is believed to head towards higher targets, probably above $2. Meanwhile, Litecoin appears to be a step ahead of XRP as the price has breached the resistance and also completed the retracement, making it ready for the upcoming explosion. 

The Litecoin price is undergoing a minor retracement after piercing above the upper resistance of the decisive symmetrical triangle. Although the RSI is bearish, the resistance-tuned support may offer the required base to trigger a healthy rebound. Therefore, the LTC price is believed to maintain a fine upswing in the coming days as the volume remains within decent levels.

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