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XRP seems ready to extend recovery and net an extra 10% gain.
However, there was still overall market caution as sell pressure was still present.
As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen countless bull and bear cycles. The recent performance of Ripple (XRP) has caught my attention, as it appears ready to extend its recovery and potentially net an extra 10% gain.
Ripple (XRP) appears poised for a recovery, as it rebounded from an essential support level on the long-term price chart, situated around $0.4.
Over the past few days, XRP has experienced a 18% increase from its lowest point at $0.43 to its current value of $0.51. If the market continues to improve, optimistic traders might be able to push XRP further by another 10%, should they manage to convert a possible resistance level into a support zone.
XRP price prediction shows a potential 10% hike
The significant decline, indicated by the extended candlestick wick, represents a bounce back from the weekly bullish resistance block (marked cyan). This underscores the importance of $0.4 for the bulls as it has been supporting XRP price drops since June 2023.
When the price recaptured the range around $0.47 – $0.48 (referred to as the ‘breaker block’), it could indicate a possible move towards $0.54. A rise between this breaker block and the potential bullish target at $0.54 could potentially yield a 10% increase in price, especially if Bitcoin recovers to reach $60k.
In simpler terms, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both increased, and notably, the CMF rose above its usual level. This surge in the CMF suggests a significant increase in capital flowing into the XRP market.
1. The rebound in RSI suggested an increase in buying interest, although it still fell short of being particularly robust, leaving bulls with only tentative confidence. Overcoming the $0.54 barrier might prove difficult unless there’s a significant surge in buying demand.
If XRP weakens once more, its price might fall back to the weekly bullish order level, which is around $0.4.
XRP price appreciation attracts sellers
The recent slight recovery also attracted a surge in sell pressure, as indicated by spikes in exchange inflows. It demonstrated that more XRP tokens were moved to exchanges for sell-off amidst the recovery.
Read Ripple [XRP] Price Prediction 2024-2025
Furthermore, the rise in network usage, indicated by a higher number of daily active wallets, diminished somewhat following the brief surge. This suggests that the enthusiasm for the alternative coin decreased slightly.
Based on the combined data, a picture emerged suggesting that a degree of cautiousness remains prevalent within the XRP market, even amidst signs of potential recovery.
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2024-08-07 16:07