Will XRP Price Hit $1 This Year? Market Sentiments, Price Analysis, and Potential Short-Term Price Targets

The cryptocurrency market has continued trading under a bearish sentiment with top tokens such as Bitcoin and Ethereum hovering close to their important support levels

The cryptocurrency market has continued trading in the red zone with top-tier tokens like Bitcoin and Ethereum trading close to their crucial support levels at $65,000 and $3,250, respectively.

However, the Ripple price has shown increased price volatility by adding substantial value to its portfolio over the last few weeks. Also, with the XRP price reclaiming $0.64, queries like “Will XRP price hit $1?” and “How high will XRP price go?” are constantly surfacing.

Delve in as, in this article, we uncover the market sentiments, price analysis, and potential short-term price targets of the Ripple (XRP) token.

Ripple Price Forms A Bullish Flag Pattern

With a surge of 8.05% over the last day and a trading volume of $2.76 Billion, the XRP coin price has successfully tested its support trendline of the flag pattern. This highlights an increase in the buying-over-selling pressure for the altcoin in the crypto space.

Moreover, this altcoin has gained 7.44% within the past seven days and 35.46% over the past 30 days. Notably, the XRP token has recovered all its losses and has recorded a YTD return of 3.04%.

The Relative Strength Index (RSI) has displayed a sharp rise toward the overbought range with its average trendline experiencing a bullish convergence. This highlights an increase in the buying pressure for the XRP crypto within the market.

The MACD has successfully tested its neutral point and records a constant rise in the green histogram. With a positive crossover in the Ripple price chart, the indicator highlights a bullish outlook for the altcoin in the coming time.

Will XRP Price Hit $1 This Year?

If the market holds the Ripple price above its crucial support level of $0.630, the bulls will test its resistance level of $0.690 this week. Maintaining the price at that level will set the stage for the XRP coin price to attempt to test its upper high of $0.7450.

For the XRP price to reclaim the $1 mark this year, it requires a jump of 55.88% with respect to its present trading price of $0.6415. This would result in its recording a market cap of $56.627 Billion.

On the other hand, if a trend reversal occurs, the Ripple price will lose momentum and retest its support of $0.630. Furthermore, if the bulls fail to regain power at that point, the price will plunge toward its crucial support trendline of $0.560.

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