After a major correction in the first half of this month, Ripple (XRP) price is finally gaining strength. Therefore, the leading cryptocurrency is attempting to break out of the lower timeframe downtrend amid a key retest on the 4-hour chart which we will discuss later.
On Monday, cryptocurrencies are showing a slight recovery as the Bitcoin price is trading above $37,000 once again. The rebound comes after last week’s plunge below $36,000. This suggests that there seems to be a lot of money sitting on the sidelines which is buying all the dips.
XRP price depicted a good recovery on the weekend as the native asset of the Ripple ecosystem gained 2.49% on Sunday. It is showing minor gains once again on Monday as the bulls eye a major breakout which may unlock a huge upside.
According to the latest XRP news, Wall Street veteran and best-selling author Linda P. Jones expects a Ripple IPO as soon as May 2024. This news has made investors even more bullish on Ripple price which has immensely underperformed in the last two years.
XRP Price Outlook & Technical Analysis
After experiencing an almost 20% correction from the monthly highs, the XRP price is on the move once again. The following chart shows a retest of the downward trendline for a potential breakout. This breakout can be very bullish with the first target being the monthly highs around $0.73.
Ripple price prediction can become even more bullish in case of a breakout above $0.73. In this case, the immediate bullish target will be $0.93 which is also the yearly high for the payment-centric digital asset.
However, if you are a Ripple investor, you also need to watch closely the BTC price action in this week.
In the meantime, you can follow me on Twitter to remain updated on the latest analysis on altcoins and to follow my personal trades.
