- XRP hiked by 2.2% in 24 hours despite the larger market recording a decline
Analyst believes XRP could surge by 500% to its all-time high, if it breaks a key chart pattern
As a seasoned crypto investor with a knack for spotting trends and patterns, I must admit that the recent performance of XRP has piqued my interest. Having weathered multiple market cycles, I can confidently say that when a coin defies the general downtrend like XRP did in the last 24 hours, it’s worth paying attention to.
Despite the general crypto market showing a steady downturn, XRP is one of the rare digital currencies defying this trend. Currently priced at approximately $0.5384, XRP experienced a 2.2% increase over the last day and has seen weekly gains of 2.7%.
Despite several assets experiencing difficulty picking up speed again, it seems that XRP is poised for an uptrend. Intriguingly, some analysts predict a potentially significant bullish surge could occur in the near future.
One such expert is popular crypto analyst Javon Marks who recently shared his bullish outlook on XRP. Marks highlighted a hidden bull divergence pattern on XRP’s chart, which, if broken, could lead to a significant price surge.
He noted on X,
The potential for an increase in XRP‘s price is significant and may exceed the understanding capabilities of many, potentially reaching record highs of around $3.317. This surge could happen quite quickly and represent more than a 500% rise from its current value. However, this might just be the initial phase of an even longer and steeper upward trend.
Marks believes that XRP’s return to its previous all-time high will depend on its ability to break through this hidden bull divergence pattern, which could trigger an even larger rally.
XRP’s fundamentals and market indicators
In simpler terms, the technical analysis showed that XRP could have a bright future, and its underlying factors appeared to reinforce this optimistic view.
One important indicator is XRP’s Relative Strength Index (RSI). At the time of writing, it had a reading of 39, according to data from CryptoQuant.
In terms of explanation, the Relative Strength Index (RSI) helps determine if an asset is more than its normal level of being bought (overbought) or sold (oversold). If RSI for XRP is approximately 39, it indicates that XRP isn’t currently overbought, providing a possibility for further price increases.
Moreover, as reported by Coinglass, the Open Interest for XRP increased by 3.19%, currently standing at a value of $713.26 million. In essence, Open Interest represents the total quantity of derivative contracts yet to be settled. A rise in this figure typically indicates a growing level of investor engagement.
The increase in this asset was additionally emphasized by a significant rise in its Open Interest volume, climbing up by 87.98% to reach approximately $1.33 billion.
The increase in both Open Interest and trading volume indicates a growing interest among traders, implying a strong build-up of anticipation for potential profits from investing in XRP.
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2024-10-12 00:09