- XRP could break 7-year resistance with a potential 500% surge, analysts suggest a bullish breakout.
Growing interest in XRP derivatives and bullish chart patterns hint at major price movement potential.
As a seasoned crypto investor with a knack for spotting trends and deciphering chart patterns, I find the recent developments surrounding XRP particularly intriguing. The potential 500% surge suggested by analyst Javon Marks has certainly piqued my interest, given XRP’s historical bullish tendencies.
The present fluctuations in XRP‘s value have piqued the interest of financial experts, as the cryptocurrency exhibits indications suggesting a possible upward trend or bullish surge.
According to crypto expert Javon Marks, the structure of XRP‘s price chart indicates several concealed bullish discrepancies, suggesting a potential rise in its value by as much as 500%.
Right now, XRP is holding steady inside a big, symmetrical triangle formation. Some experts are discussing the possibility that this cryptocurrency might shatter its 7-year resistance level, potentially soaring up to $3.313 in the short run.
Historical bullish trends indicate strong potential
Looking at XRP‘s historical chart, it’s clear that there have been two significant bullish surges following symmetrical triangle patterns. The initial surge happened back in 2017, resulting in a jaw-dropping 1,220% price increase. The second instance took place in 2020, with the price soaring by an impressive 2,436%.
In the past, similar patterns like the one currently observed in XRP have been followed by significant price swings. At present, XRP is being traded within a symmetrical triangle, leading some to speculate that it might mirror its previous performance.
Experts in cryptocurrency note that when there are ‘hidden bullish divergences’ – a situation where price trends contradict underlying trend indicators – it can signal an impending strong surge upwards. The numerous confirmations observed on the Ripple (XRP) chart suggest a possibility of yet another significant price increase.
This situation might lead to XRP surpassing its significant resistance point, a barrier that’s been standing tall for close to seven years.
Technical indicators show mixed signals
Currently, one XRP is valued at approximately $0.5371. In the past day, it’s seen a minor growth of 0.70%. But, over the last seven days, there’s been a decrease in its price by around 2.85%.
The well-known volatility measure known as Bollinger Bands is narrowing near the current price, implying that we might expect reduced volatility in the immediate future.
Moreover, the price was close to the midpoint band – this is equivalent to the 20-day moving average – suggesting a leaning towards a weak or bearish market trend.
Using the Moving Average Convergence Divergence (MACD) as another popular prediction method for price movement, it signals a downtrend when the MACD line falls below the signaling line.
On the other hand, the histogram seems to be exhibiting indications of decreasing downward pressure, suggesting a possible upcoming halt or reversal in the downtrend.
Increased interest in XRP derivatives
Recent Coinglass data shows growing interest in XRP derivatives. Trading volume has risen by 14.55% to $691.74 million, and open interest has increased by 1.66%, reaching $597.42 million.
The activity involving options trading has significantly increased, as we’ve witnessed a 135.24% rise in volume and a 64.58% growth in open options. This surge indicates that traders are preparing to capitalize on anticipated price fluctuations in the upcoming period.
For the past 24 hours, the long-to-short ratio has come quite close to being balanced, sitting at approximately 0.9893. Yet, analysis of significant trading platforms such as Binance and OKX shows a clear preference among traders for taking long positions.
On Binance, the balance between long and short positions leans heavily towards optimism with a ratio of approximately 2.97 to 1, whereas on OKX, this ratio stands at around 2.27 to 1, indicating a somewhat more cautious bullish outlook.
Furthermore, data on XRP‘s liquidation over the last 24 hours indicates that those who took short positions suffered significantly more losses, amounting to approximately $14,830, while those who held long positions incurred much less, at only around $2,420.
Read Ripple’s [XRP] Price Prediction 2024-25
The data on this liquidation suggests it mirrors the general market mood, in which case short sellers have suffered significant losses. This could be an indication that the market trend might be changing.
keeping a watchful gaze as the price trends of XRP have shown a pattern of significant surges in the past and recent chart indications hint at potential bullish signals, numerous investors are remaining vigilant about this digital currency.
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2024-09-12 21:12