- XRP has declined by 3.22% in seven days and 6.33% in 24 hours.
Despite the price drops, market sentiments remained positive, with analysts eyeing $35.
As a seasoned crypto investor, I have witnessed numerous price fluctuations and trends in the market. The recent decline of XRP by 3.22% in seven days and 6.33% in 24 hours has been a cause for concern, but I remain optimistic based on historical data and market sentiment.
As a researcher examining the XRP market, I’ve observed that the cryptocurrency has been subjected to external uncertainties due to Ripple‘s ongoing legal battles over the past few weeks. Consequently, XRP has exhibited significant price volatility, resulting in a downward trend.
Over the last week, I’ve observed a 3.22% decrease in XRP‘s value. However, despite this downward trend, some analysts remain optimistic, predicting an imminent reversal of the bear market.
Based on historical trends analyzed by crypto experts, I believe the market could experience significant price increases in the upcoming months.
As a researcher following cryptocurrency trends closely, I’ve come across an intriguing analysis by MikybullCrypto, a well-known crypto expert on X (previously Twitter). According to his findings, there are signs of an upcoming reversal pattern in the crypto market that may mirror the trend from 2017. On his page, he presented evidence supporting this theory based on past price movements and market conditions.
Based on the current trend in Price Action (PA), there’s a strong possibility that this asset could experience a significant rally similar to what was seen in 2017. Despite the pessimistic outlook and prevailing negative sentiment, I believe such an event is plausible.
One analyst expressed a similar perspective in 2017, noting the cyclical pattern and the striking resemblance between the current trend and past occurrences.
On his X page, Tylie Eric expressed his optimism on the upcoming price spike, stating that,
“XRP has met each criterion and fulfilled all necessary conditions for potentially advancing to the next stage of its five-wave pattern, as it did during the 2017 bull run.”
In the year 2017, XRP experienced an extraordinary gain of approximately 1400%, surpassing Bitcoin‘s growth during the same timeframe. Consequently, considering this trend, the double bottom pattern indicated a price level of around $0.3 for XRP based on the previous pattern.
Thus, prices could rise to as high as $35 if the same trend continues.
What price charts indicates
Based on AMBCrypto’s examination, XRP has seen a slide in value during the last few weeks. Currently, XRP is priced at $0.4523 following a 6.33% decrease in the past 24 hours.
During the same timeframe, the trading volume of XRP increased by 69.78%, reaching a total of $1.5 billion. However, according to CoinMarketCap, the market capitalization of XRP has decreased by 6.33% and now stands at $25.1 billion.
In spite of the recent decrease in price, the general attitude towards XRP in the market stayed optimistic based on available data. According to Coinglass, the net flow of XRP over the past month has been negative, amounting to a loss of $4.03 at the current moment.
Investors’ mass withdrawal of assets from cryptocurrency exchanges, as indicated by negative Netflow, signifies a trend towards hoarding digital coins in personal wallets instead of selling them. This behavior points to a long-term holding strategy.
This is a sign of confidence in the crypto’s future value.
At the current moment, the Money Flow Index (MFI) for XRP stood at 38. This reading signifies that XRP is experiencing consolidation in the market. Moreover, an MFI of 38 also implies a potential buying opportunity as the cryptocurrency appears undervalued.
With a buying opportunity comes buying pressure, resulting in a trend reversal.
As a crypto investor, I’ve been closely monitoring AMBCrypto’s analysis using CryptoQuant, and based on their findings, I noticed that XRP‘s trading volume on the exchange has been significantly high over the past week. Specifically, the highest reported volume was $757.7M, while the lowest was only $1.3M.
This month, it has reported a sustained high exchange, with a high of $752 M and a low of $364M.
As a crypto investor, I would interpret higher exchange outflows as a sign of confidence in my altcoins’ future value. These outflows indicate that investors are moving their coins from exchanges to personal wallets for long-term holding. This bullish sentiment suggests that investors believe the price of these altcoins will continue to rise, making it an exciting opportunity to increase my own holdings.
Can XRP actually reach $35?
Over the past week, XRP has been holding steady with little price movement. However, there was a minor setback of 3.22% in the last 24 hours. The upcoming resistance for XRP is located at $0.49.
In an optimistic short-term prediction, if XRP manages to surpass its current level, it may aim to confront the resistance at $0.549.
If the support level at $0.459 cannot be maintained, and bears intensify their selling efforts, then the price may drop as low as $4.245.
Despite a favorable market outlook and indicators suggesting a possible trend change, it’s predicted that the price will reach $35 only by the year 2025.
Read More
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- Top gainers and losers
- Gold Rate Forecast
- MOCHI PREDICTION. MOCHI cryptocurrency
- EUR RUB PREDICTION
- JASMY PREDICTION. JASMY cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
- BORING PREDICTION. BORING cryptocurrency
- CHEEMS PREDICTION. CHEEMS cryptocurrency
2024-07-05 01:12