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 of $65,000 and $3,250 respectively.

However, the Ripple price has displayed increased price volatility by adding significant value to its respective portfolio over the past few weeks. Moreover, with the price of XRP reclaiming $0.64, questions like “Will XRP price hit $1?” and “How high will XRP price go?” are on a constant rise.

Dive 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 jump of 8.05% within the past day with 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 important 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 important support trendline of $0.560.

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