XRP has been rising since yesterday, following the price direction of most other cryptocurrencies.
TraderAAG, a crypto trader, posted on X that the price has broken a diagonal trendline on the 1-hour chart after holding local support at $0.4316.
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The analyst sees the price potentially spiking to $0.6583, where the next major resistance lies. This level is also the top of the broken trendline resistance.
The price of XRP has started to follow the direction predicted by the analyst and is now trading at $0.51. Hitting the $0.658 target means the price will still have to run by 30%.
XRP Price Showing Relative Strength
Doctor Magic also commented on the recent XRP strength. The analyst stated that XRP did not make a lower low when many cryptocurrencies were dumping, suggesting that XRP has some strengths that the broader market does not have.
$XRP is the only coin that I've seen that didn't make a lower low on yesterdays dump , tells you a lot about it's current strength relative to the market. That being said previous support is now resistance, need to reclaim it to get bullish in LTF. HTF still bullish af. #RIPPLE pic.twitter.com/APnbpdaQ2h
— Doctor Magic (@Doctor_Magic_) August 6, 2024
However, the analyst pointed to a support level that has turned into resistance. Therefore, the price will have to reclaim that point first before it can spike further.
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The post XRP Price Showing Strength, Moving as Predicted: Ripple Analyst Points to Next +30% Bullish Target appeared first on CaptainAltcoin.
