- Ripple’s XRP experienced its highest bullish sentiment in the past 14 months.
XRP could see a potential reversal and may surge 25% to the $0.75 level.
As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless market cycles and have learned to decipher the subtle signals that often precede major price movements. With this background, I find myself intrigued by the current situation surrounding Ripple’s XRP.
At present, there’s a sense of pessimism in the market, with leading assets showing a noticeable drop in value over the last several days.
In the midst of these challenging times, on August 2nd, I came across an insightful post by Santiment, the on-chain analytics firm, on their platform (previously known as Twitter). They highlighted that Ripple [XRP] had recently witnessed its highest bullish sentiment in the past 14 months.
XRP reaches highest bullish sentiment in over a year
From my perspective as a researcher, it appears that the prevailing sentiment among traders at this moment is optimism, particularly towards the leading cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and XRP.
As a crypto investor, I’ve noticed that Santiment has pointed out an interesting trend: Bitcoin and XRP are both exhibiting their highest bullish sentiment in the past 17 months.
Even though there’s a positive trend for leading assets, what’s catching investor attention is XRP, which has surpassed all other mentioned cryptocurrencies in price increase over the last month.
XRP performance
Currently, at the point of publication, XRP was approximately valued at $0.57. In the previous 24-hour span, there was a 6.4% decrease in its value. Yet, if we look at a more extended timeframe, XRP has experienced an increase in price exceeding 20%.
Over the past 30 days, the price increase of 20% for this asset is significantly greater than Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB). In comparison, BTC has only seen a change of 2.9%, ETH experienced an 8.5% drop, SOL rose by 12%, and BNB had a decrease of 1.5% within the same timeframe.
Technical analysis and key levels
As a crypto investor, I’ve been closely watching XRP, and based on my technical analysis expertise, I see a promising bullish trend. It seems that XRP might undergo a price reversal soon, potentially surging by over 25%. If this prediction holds true, we could see the coin reaching the $0.75 level in the near future.
In both daily and 4-hour intervals, XRP is currently being traded above its 200 Exponential Moving Average (EMA). When an asset trades above the 200 EMA, it usually indicates a continuing bullish trend for that asset.
Furthermore, Ripple (XRP) has found backing from the 200 Exponential Moving Average (EMA) on a 4-hour chart. This support has led to a noticeable upward trend in its price movement.
Even though XRP appears optimistic, if it can’t hold its current position at around $0.57 and instead closes the day below $0.55, there’s a possibility that its price might decrease by more than 12%.
Crucial levels for XRP
Currently, significant liquidation points are set at approximately $0.619 (on the upside) and $0.545 (on the downside), as per the analysis conducted by the cryptocurrency analytics company, Coinglass.
Should the prevailing market feeling persist and XRP drops to $0.545, approximately $13.03 million in long positions may need to be sold off.
Read Ripple’s [XRP] Price Prediction 2024-25
If the sentiment shifts and the XRP price rises significantly to reach $0.619, it would lead to approximately $46.98 million being recovered from short positions.
Over the past day, there’s been a 12.5% decrease in Open Interest for XRP, suggesting less enthusiasm among investors and dealers.
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2024-08-03 03:04