Over the past two days, XRP‘s price has bounced back, bringing optimism back to the market. This positive trend is believed to persist, with some analysts predicting a significant increase – up to 70% – according to RLinda, a well-known crypto expert.
XRP Price Completes A False Breakdown
In an examination shared on TradingView, crypto expert RLinda explained several possible causes for an imminent increase in XRP‘s value. One such reason is that XRP experienced a misleading price decline, which could signal an upcoming rise.
The price of the crypto coin plummeted from $0.7 to $0.42, representing a near-50% decrease. Yet, according to the crypto analyst’s perspective, this significant drop was actually a positive sign. It was considered a false breakdown preceding a breakout.
If the situation is like this one, there’s a possibility that the XRP price will experience a surge akin to the decline and subsequent bounce back during August to November 2023. This might lead to a 50% increase in price, potentially reaching a high of 70%.
The XRP price has been trapped in a prolonged period of sideways movement, which could lead to a significant price surge once it breaks out. According to an analysis, the current false break of support for XRP/USDT is merely technical and should be viewed as part of the larger consolidation trend. If this long-term consolidation continues above the current resistance level, there’s a strong possibility that XRP prices could rise by 50-70%.
The State Of XRP
Investors, including crypto whales, have started buying back XRP after the market downturn became less severe. Notably, these large investors have transferred a significant amount of XRP, specifically 600 million tokens, within a short timeframe. According to NewsBTC’s recent report, the number of whale holders with 10 million to 100 million XRP increased by 30 million in one week alone. However, what stands out even more is their rapid accumulation of 600 million tokens within just two weeks.
Before the anticipated significant growth by crypto experts, one analysis from Egrag Crypto suggests that XRP‘s price could surge up to $1.4. This implies a potential price hike of more than double the current value.
Despite being the seventh largest cryptocurrency by market cap, XRP has fallen out of favor among investors recently. The coin’s daily trading volume has dropped significantly, with Coinmarketcap reporting a 20% decrease to $1.33 billion in the past day. However, its total market capitalization remains at $30.3 billion.
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2024-04-25 04:16