- Buying pressure on XRP increased last week.
Market indicators looked bullish on the token.
Based on my analysis, I believe XRP‘s price action is worth keeping an eye on. The buying pressure last week and the bullish market indicators suggest that the token could be gearing up for a potential price increase.
Last week, the entire cryptocurrency market experienced significant price fluctuations, with XRP being among the coins that saw a decrease in value.
Over the past day, investors have seen positive developments with the token’s price turning upward on the chart. Let’s examine its current status to anticipate XRP‘s future price movements.
XRP’s current state
According to CoinMarketCap’s findings, XRP experienced a significant decrease of over 9% in its value during the past week. Nevertheless, there was a slight reversal in the downtrend within the previous 24 hours, with the token’s price inching up slightly.
Currently, XRP is priced at around $0.4359 in the markets, while its total value reaches beyond $24.2 billion.
According to AMBCrypto’s interpretation of Santiment’s findings, despite the token’s persistently low price, investors have been actively buying and holding more of the asset. This trend became apparent through a decrease in the amount of the token available for trading on cryptocurrency exchanges.
During the past week, there was continuous whale engagement with the token, evident in the rise of whale transactions. Simultaneously, the token’s value began to trend upwards slightly, and trading volume grew significantly. This robust trading activity sets the stage for a potential price surge in the future.
As a crypto investor, I’ve observed that the number of new addresses joining the token’s network has been growing steadily, leading to an increase in transactions and transfers of the token.
XRP’s NVT ratio has recently increased after previously decreasing. Typically, an increase in this indicator implies that the asset may be overvalued, potentially signaling a future price adjustment.
XRP price prediction
An analysis by AMBCrypto revealed that XRP‘s daily price chart indicated a potential price rise. The token’s value had reached the lower boundary of the Bollinger Bands, a common occurrence preceding price increases.
As an analyst, I’ve noticed an intriguing development in the market indicators. Specifically, the Relative Strength Index (RSI) has shown an upturn recently. Moreover, aligning with this trend, the Chaikin Money Flow (CMF) has also been on an upward trajectory. These observations suggest that a price surge might be imminent in the near future.
I, as an analyst, propose that we examine Hyblock Capital’s data to anticipate short-term price movements for XRP. Based on my assessment, should XRP display bullish trends, its value could potentially regain the level of $0.493.
A successful breakout above that mark could allow the token to touch $0.526 in the coming days.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Moving forward, we examined XRP‘s weekly chart to identify potential long-term price objectives. Initially, we detected a falling wedge formation. If this pattern is breached upward, XRP could regain the $0.66 mark.
Moving forward, the next probable cost is $0.94 to the north. Surpassing this figure will enable the token to hit the $1.4 mark within the upcoming months.
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2024-07-10 03:03