Is a $16 XRP price on the horizon as Ripple's #XRP jumps on increasing buying activity?
In the past two weeks, the price of XRP has increased by almost 30%, and as of this writing, it is trading at $0.60. Following the August 5 meltdown that rocked the whole cryptocurrency market, XRP has been holding its ground at the $0.55 support level. Additionally, CoinMarketCap data demonstrates the sharp rise in interest in XRP, with trading volumes rising by 93% in the previous day.
According to the Relative Strength Index (RSI), purchasing activity may have an impact on these trade volumes. The RSI line dropped momentarily after making a steep turn to the north. Moreover, the RSI is in the neutral zone at 55, indicating that XRP has additional upward potential.
XRP may be starting a new rise that might lead to higher pricing. The researcher reviewed past patterns and saw that XRP created a higher bottom and then experienced a quick bounce to all-time highs following each significant decline.
The expert believes that XRP will rise to test the $2 resistance level and then reach a peak Fibonacci level at $16 if the prior patterns repeat. The general mood of the market and the increasing interest in XRP will play a major role in this kind of rise. The number of daily active addresses has surged to a level not seen since August 11, according to data from Santiment. The XRP price may gain from the Ledger's increasing use. Ripple has worked with several banks, including the Central Bank of Georgia, as ZyCrypto reported.
Levi, a cryptocurrency market expert, also points out that Ripple has over 1,700 non-disclosure agreements in place with leading international companies, which is encouraging for XRP. "Ripple has over 1,700 NDAs with major corporations, banks, and financial organisations! The analyst said that XRP will be the most valuable asset in the world. X expert Amonyx believes that XRP may be starting a new rise that might lead to higher pricing.
