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- XRP rises 2.61% in 24 hours to $2.95, despite a 36.07% drop in trading volume, showing strong momentum.
- Egrag Crypto predicts an 18% rise from the Falling Wedge breakout and 27% from the Bullish Rectangle pattern.
- RSI at 60.63 and a MACD bullish crossover signal, strong momentum, indicating XRP’s potential for growth.
As of press time, XRP is trading at $2.95, with a 2.61% increase within the last 24 hours. The volume of trading is at $7.06 billion, representing a drop of 36.07%. XRP has increased by 26.69% in the last seven days despite a decline in volume, tracking good movement.
Source: CoinMarketCap
Egrag Crypto highlighted the main trends in the monthly chart. The Falling Wedge pattern has stretched XRP out of the concept, indicating the possibility of an 18% rise in price. The breakout is an indication of bullish momentum. Moreover, Egrag highlights a Bullish Rectangle pattern, which will further drive the XRP price up by 27%. Nonetheless, analysts emphasize that XRP has to keep having dominance of over 10%. This would mean that anything below this would be considered a failure of this market cycle.
Source: X
XRP Market Dominance
Analysts noted that these trends are more important on the monthly chart. The ability of XRP to succeed in this cycle will come down to its capability to stay dominant in the market. Should XRP not close above 10%, this will be considered a lost opportunity. Nevertheless, despite the bullish patterns, Egrag is confident in the future of XRP. He encourages holders to be strong with the cryptocurrency closing in on these major levels.
Analyst JD revealed that the market today is like a 2017-2018 parabolic move. JD is certain that XRP would soon have a bullish crossover. His forecasts have proved correct previously, such as forecasting the bottom at $0.28. JD has also predicted that XRP will soon reach its peak, giving additional assurance to the bullish view.
Source: X
RSI Indicates Positive Momentum
The RSI of XRP stands at 60.63, representing a neutral to bullish situation. A reading of RSI higher than 50 indicates positive momentum. XRP is not as overbought yet, which can bring further gains. Investors are optimistic because the RSI indicates an upward trend with upside potential.
The Moving Average Convergence Divergence (MACD) is in favour of the bulls. The MACD level is at 0.01 and the signal line is also at 0.01. It shows a bullish cross and rising buying pressure. The histogram validates an increasing bullish trend. These indicators show that XRP can grow further.
Source: TradingView
Traders are positive on the future of token. Technical signals are favourable with Ripple and the currency is likely to make huge profits. If Ripple can sustain its position above 10%, it may break out and ascend further. The existing arrangement presents positive indicators regarding the cryptocurrency.
