XRP Price Analysis: Eyes on $0.6044 Resistance – Is a $1 Breakout Imminent?

The XRP price has fallen by 1% in the past 24 hours, with its dip to $0.5881 coming after it retreated from the $0.6044 resistance level this morning.

This means that XRP is up by 2.5% in a week but down by 3.5% in a month, although the altcoin holds on to a 15% increase in a year.

It broke the $0.60 resistance level twice over the weekend, with its recurring attempts suggesting that it may be close to a more sustained breakout.

And with the wider market looking in much better shape over the past week, we may be at the beginning of a bull phase for XRP.

XRP Price Analysis: Eyes on $0.6044 Resistance – Is a $1 Breakout Imminent?

After dipping yesterday, XRP looks ready to retest its resistance level in the next one or two days, with its indicators still showing good momentum.

Its relative strength index (purple) is rising back up to 50 after dropping to 35 last night, a sign of returning buyers.

Meanwhile, XRP’s 30-period moving average (orange) remains above its 200-period average (blue), and while some might say that it’s due to come down it’s still looking strong.

The coin’s trading volume still remains healthy at $1 billion today, while the fact that its resistance (red) and support (green) levels are converging on each would suggest that a breakout is coming.

And such a break out is likely to happen once XRP decisively climbs above the $0.6044 level, which it hasn’t been above since the end of August.

What’s also interesting is that the past few days have seen a few big buys, with one whale acquiring 30 million XRP on Upbit this weekend.

This accumulation signals an expectation that the XRP price could have a few happy months ahead of it, with the coin arguably having underperformed for much of the year.

Yet with the Federal Reserve cutting rates last week and likely to cut them again before New Year, we will probable see the cryptocurrency market become increasingly bullish as we approach Xmas.

Combined with the fundamentals XRP takes from Ripple’s renewed expansion, the XRP price could certainly reach $0.70 by November and $1 by the end of 2024.

Diversify with New High-Potential Altcoins

XRP has strong prospects, but its progress may be a little too gradual for some traders, who should therefore consider diversifying into newer alts that may show more positive volatility.

This includes presale tokens, with the biggest sales often resulting in big rallies once their tokens list.

A good candidate for success is DICE, the Solana-based native token of online casino Mega Dice, which has now raised $1.8 million in its soon-to-be-ending sale.

Mega Dice has become one of the cryptocurrency sector’s biggest casinos since launching in 2023, with its website offering over 4,500 games and a large sportsbook.

It’s clear that the platform’s reputation has boosted DICE’s presale, which as a token will offer holders plenty of perks.

It will function as a payment token with Mega Dice’s platform, but it will also offer access to exclusive games and bonuses.

It comes with a max supply of 420 million tokens, with holders be able to stake the token for a passive income.

The token is also set to have a post-presale airdrop worth $2.25 million, helping to boost its decentralization further.