🟢 $XRP is Heading to $20 “Strong Evidence” 🟢
An analyst recently asserted that XRP is poised for a significant rise to $20, despite current market turmoil. At the time of analysis, XRP was struggling around $0.44, down from its yearly peak of $0.7449 in March.
Factors Catalyzing an XRP Rise to $20
Strong Support: XRP has found robust support between $0.40 and $0.50.Bollinger Bands: XRP is near the lower Bollinger Band, indicating it is oversold.
Moving Average: The moving average is higher than the current price, suggesting a bullish trend.
Volume Surge: Low volume during consolidation could lead to a volume surge.
The analyst highlighted that XRP’s position near the lower Bollinger Band ($0.34206) indicates it is oversold, a bullish signal. Additionally, XRP has been trading below the 20 SMA, indicating underperformance. A flip of this moving average is necessary for bullish momentum.
Despite a recent drop in trade volume, averaging $1.1 billion this month, the analyst believes a recovery in volume could catalyze an uptrend to $20. Reduced volatility and tightening Bollinger Bands often precede explosive runs, as seen in late 2017 and mid-2021.
Other analysts, like Javon Marks and XRP Sharks, also predict a potential rally to $20, despite the current downturn. With XRP trading at $0.4690, a push to $20 would require a 4,164% rally. While some market participants dismiss this target as wishful thinking, the bullish sentiment persists.
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