Is XRP Price Ready to Break Toward $1? Key Analysis of Resistance Levels

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The XRP price has declined by 2% in the past 24 hours, slipping to $0.574 as the cryptocurrency market loses 3% today after a strong weekend.

XRP retains an 8% gain in a week and 1.5% increase in a month, with the seventh-biggest coin in the market rising by 15% since this time last year.

Such percentages aren’t particularly impressive, but they put XRP in a strong position to make more consolidated gains in the coming months.

And with this seek witnessing the first of potentially three rate cuts from the Fed this year, the XRP price could begin climbing more consistently very soon.

XRP’s bounce over the weekend means that its resistance level (red) is now rising, inviting hope that we will witness sustained price increase in the near and mid term.

As of writing, the coin’s resistance level stands at just below $0.60, which it failed to break on Saturday.

However, after retreating from this target, XRP’s indicators now suggest that the alt could be ready to stage another ascent.

Its relative strength index (purple) has jumped from 25 early this morning to just over 45, with its trajectory suggesting that it will continue to climb.

XRP is actually up by 0.5% in the past hour, which also adds to hopes that today will be positive in the main for the cryptocurrency.

Its 24-hour trading volume has also returned to $1 billion, up from $750 million overnight as buyers look to acquire the coin at a discount.

While some whales have been offloading XRP in the past 24 hours, others have begun accumulating the token once again.