Ripple’s XRP is showing bullish signs, with indicators suggesting it could be about to rally by 20%. Let’s look at the latest developments and metrics that point to this possibility.
Based on a post by Armando Pantoja (@_TallGuyTycoon), XRP has been seeing a large influx of investors. Pantoja reported that XRP recorded 1,721 new wallets in a single day, which is one of the highest single-day metrics in years.
This surge shows there is growing interest in the token. Such an increase in demand could lead to price appreciation.
$XRP aggr. volume increased by 395.94% in the last 10 minutes at Bybit, Kucoin.That represents a $597,841.90 volume.Price is now $0.594270.
— Coinact – Volume Spikes (@VolumeAlertBot) July 20, 2024
Another data point from the Coinact Volume Spikes bot reported a 395.94% increase in XRP trading volume across exchanges, reaching $597,841.90. This also signals growing interest in the token.
Technical Analysis Points to Bullish Trend Reversal
Technical analysis from AltFins suggests that the XRP price may be on the verge of a bullish trend reversal. The price moved past the 200-day moving average, which shows its long-term direction could be upward.
The price has also broken out of a falling wedge pattern, which supports the general bullish pattern.
The price is at $0.57, and it could spike to the next level, which is at $0.67, based on AltFIN’s analysis. A spike to that price would be a 20% increase.
However, there is a need for caution as the RSI is showing that the token is overbought, and there could be some retracement before further rallies. For this, traders may start to look at support at around $0.50 and $0.55.
Next Big Airdrop?
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +Show less –
Read Also: List DAO (LISTA) Crypto Price Is Pumping: Here’s Why
The analysis also states that the support levels could be a good level to buy again.
The short-term and medium-term trends are looking strong and going up, but the long-term trend is still pointing down. However, momentum indicators like the Moving Average Convergence Divergence (MACD) are showing bullish signs, with the MACD line crossing above the signal line recently.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
Check $RECQ Meme Coin Sponsored: Invest Responsibly, Do Your Own Research. Buy RECQ Today Serves as the base currency for all transactions within the Rebel Satoshi platform ICO stage, offering tokens at a discounted price Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions. Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
The post Metrics Align for Ripple: XRP Price Looks Ready to Pump to Next Key Level appeared first on CaptainAltcoin.
