‘Not too late to join XRP wagon,’ analyst says: Here’s why

XRP

As a seasoned researcher with a keen eye for market trends and patterns, I find the current state of XRP intriguing. The consolidation phase it’s going through, reminiscent of a symmetrical triangle pattern, is a sight that has often preceded significant price movements in my past observations.

XRP has recently captured the attention of the crypto community with its notable price movements.

The digital currency has been moving around $0.60, seeing a decrease of 0.40% over the past week and a significant fall of 5.93% in the last day. Yet, industry experts and analysts anticipate it may soon experience an increase.

As a seasoned cryptocurrency analyst with years of experience under my belt, I firmly believe that XRP is poised for an uptrend. In my professional journey, I have closely observed the market dynamics and have noticed that XRP has consistently shown potential for growth. My analysis leads me to this conclusion, and I strongly suggest keeping a close eye on XRP in the coming days.

“It’s not too late to join the wagon.”

This suggested that optimal targets for this cycle range from $2.5 to $3.5, with long-term targets stretching upwards of $25.

This sentiment reflected the belief that XRP’s current market structure was primed for a breakout.

Initially gaining traction in 2017, XRP saw its first major bull run, peaking in early 2018.

After a long period of decreased investor interest due to a bear market, the asset saw increased attention and value growth during the 2020-2021 cryptocurrency surge.

XRP in a consolidation phase

At the current moment, according to Milkybull’s graph, XRP appeared to be in a period of consolidation, shaping as a symmetrical triangle on the chart. Historically, this kind of triangle pattern has frequently signaled substantial price shifts.

In other parts, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) were both higher than their non-biased thresholds of 50 and 0, suggesting a strong upward trend.

According to this technical arrangement, it seems that XRP could potentially experience a major surge if market conditions continue to be advantageous.

The price fluctuations of XRP were significantly impacted by various significant points. The $0.59 area served as a crucial support, as it had the potential to dictate the immediate trend of the asset.

A breach of this level might result in further downside, while holding above it could fuel a rally.

Furthermore, XRP was aiming for a potential revisit to the $0.75 mark, which represents this year’s peak, as a mid-term objective. To hit this significant point, bulls will need to recapture the short-term goal of $0.66 in the approaching weeks.

Whale activity and market dynamics

Major players in the financial world have significantly boosted their holdings of XRP over the course of the year. As per AMBCrypto’s latest analysis, there has been a noticeable uptick in the buying behavior of large investors (whales and sharks) regarding XRP within the last few weeks.

As an analyst, on the 30th of July, I observed a significant development in the XRP market: The number of wallets containing at least 10,000 XRP tokens reached a six-month peak, according to the latest report from crypto analytics platform Santiment. This increase suggests growing interest and potential bullish sentiment among large-scale XRP holders.

Read Ripple’s [XRP] Price Prediction 2024-25

In just the past day, the daily trading volume for XRP has dramatically increased by 180%, climbing to a staggering $3.028 billion according to CoinMarketCap’s latest figures.

An increase in activity might signal upcoming price changes since large investors are buying more of the asset, possibly leading to a substantial rise.

2024-08-02 01:11

XRP in a consolidation phase

Whale activity and market dynamics

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