Ripple Price Analysis: XRP Charges Towards $0.60
Daily Ripple XRP Price Forecast
- Ripple price had four straight bullish days.
- MACD shows sustained bullish market momentum.
After dipping drastically on February 1, the Ripple price rose from $0.37 to $0.52, going up by nearly 50%. It looks like XRP is making a charge towards $0.60. Let’s take a look with technical analysis.
Ripple Price Goes Up, Up, And Away
The bulls have been in control of the Ripple price for four straight days, as it rises from $0.42 to $0.52 and is trending in an upwards channel formation. The relative strength index (RSI) is trending at the edge of the overbought zone and should soon face bearish correction.
Image: XRP/USD daily
Taking a look at the 4-hour Ripple price chart, we can see that the MACD shows sustained bullish momentum so further growth is expected. Plus, the parabolic SAR has flipped from bearish to bullish, which add credence to our bullish outlook.
Image: XRP/USD 4-hour
Ripple Co-founder Jed McCaleb Dumps 40M XRP, Still Has 499M
Jed McCaleb, former executive and co-founder of Ripple, has recently moved around 40 million XRP over the span of two days from his "tacostand" digital wallet. The wallet was activated when McCaleb was still working with Ripple.
McCaleb left Ripple (then called OpenCoin) over some discrepancies with the rest of the board and went on to create Stellar in 2013. As one of Ripple’s main contributors, he acquired over 9 billion XRP as part of the compensation plan for his contribution in founding the firm.
Ever since McCaleb has been actively selling his XRP tokens. The current balance of his wallet totals 499,599,172.60537 XRP.
In December, US Securities and Exchange Commission (SEC) announced its lawsuit against Ripple and two of its executives: CEO Garlinghouse and co-founder (and former CEO) Chris Larsen. On December 23, McCaleb had paused his XRP sales and a few people believed this was due to the lawsuit. However, in January, McCaleb resumed selling his XRP holdings.
Ripple Price Is Expected To Reach These Levels
We expect Ripple price to jump to the $0.60 psychological level before it faces a bearish correction due to the asset getting overvalued.