Decoding XRP’s readiness for $0.6: Is it viable?

• XRP could channel break into the $0.6 price region, an analyst opined.
• Though bullish market sentiment slowed down, traders kept on opening longs.

Popular crypto analyst CryptoKaloe told his 590,000 Twitter followers that Ripple [XRP] could be ready to hit $0.60. Highlighting the price action from a technical perspective, the analyst opined that the token was already showing signals of a further bullish breakout.

$XRP looks ready to accelerate from here.

$0.60+ in sight. https://t.co/tD9pz1fykL pic.twitter.com/efynnSjpfQ

— K A L E O (@CryptoKaleo) June 4, 2023

Furthermore, he considered the XRP/BTC chart where he displayed how the XRP volume could lead the token outperforming Bitcoin [BTC].

More gains on the way?

Lately, XRP has been one of the biggest gainers in the crypto market. And over the past 30 days, the cryptocurrency has amassed a 15% increase in value, as it exchanged hands at $0.53.

One factor that has been influencing XRP’s price movement is the perception of Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). 

Typically, the outcome of this case could have a significant impact on XRP’s trajectory. Positive developments, such as a favorable settlement or regulatory clarity, might boost investor confidence and drive the price higher. 

This has been the market sentiment shown by the wider XRP community. In evaluating other market dynamics, on-chain data showed that the token’s social volume hit as high as 3.90%.

The metric describes the level of discussion around an asset of social platforms, and industry media. Thus, the hike implies that XRP has been gaining a lot of attention. Even so, the weighted sentiment, which considers investors’ acumen retracted to the negative region.

Source: Santiment

This was after a five-day stint above the red zone. But the drop suggests that the broader market was no longer in high spirits regarding an XRP upward movement.

XRP traders are glued to the…

Another aspect to evaluate is the volume. Regarded as an important indicator to measure significant market movement, the XRP volume had increased to 1.27 billion. 

This infers that there was market strength behind the XRP price action. So, if the volume continues in the upward direction, then Kaleo’s projection of hitting $0.60 could have a high probability.  

As per the funding rate, traders seem to be expectant of a further hike. At press time, XPR’s funding rate was 0.01%.

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Calculated based on the difference between the perpetual and spot prices, a negative funding rate means shorts are willing to pay longs to keep the contract positions. 

Source: Santiment

Therefore, XRP’s rise to the $0.60 region could occur in the short term. However, this would depend on a few external factors and the market participants’ actions.