Crypto analysts Leb Crypto and Hov are bullish on XRP’s potential.
Recent market activity and technical indicators suggest XRP may be poised for further growth.
A potential retracement to $0.47 could be a crucial test for the bullish trend.
Crypto analysts are predicting a bullish future for XRP, citing recent market activity and technical indicators as signs of potential gains in the coming months. Crypto analysts Leb Crypto and Hov have both shared optimistic assessments, highlighting key price levels and patterns that suggest XRP may be poised for further growth.
After further analysis on HTFs, this actually may just be the year. $XRPnot without huge shakeouts along the way, leaving the vast majority on the sidelines, including hard core xrp hodlers.I'm a swing and positional trader. I see big opportunity now.I've been scaling in… pic.twitter.com/rIWsHb4Dg8
— LE₿ C®️YPTO (@leb_crypto) July 22, 2024
Leb Crypto’s analysis of XRP/USD on the Bitstamp exchange from 2014 to mid-2024 reveals a notable breakout above the point of control (POC) at $0.60954. The monthly price chart illustrates a range low of approximately $0.17552, a POC around $0.60954, and a range high near $1.96143.
This recent breakout above the POC suggests a strong bullish trend, with a bullish flag pattern indicating further upward potential. Increased trading activity during price surges, as seen in the volume bars, reinforces the current bullish sentiment.
Source: LE₿ CRYPTO
Leb Crypto also noted XRP’s relative strength on lower timeframes (LTFs). If Bitcoin (BTC) remains range-bound, XRP could potentially reach $0.64, aligning with ongoing patterns and suggesting further gains if current trends persist.
Similarly, crypto analyst Hov reported a 66% increase in XRP’s performance from their entry level, highlighting a shift from a three-wave move to a more promising impulse pattern.
However, Hov cautioned about a potential retracement to the $0.47 level, which could be a crucial test for the bullish trend. The presence of a bearish count remains a concern, emphasizing the importance of the $0.47 level for maintaining upward momentum.
$XRPXRP is now up over 66% from our entry level & has done exactly what we wanted to see on lower tfWe broke the alt invalidation levels from last update & turned a 3 waved move into a decent looking impulse(threaded)Now we're looking for that 3 waved retrace into our… pic.twitter.com/KbUqWihv9U
— Hov (@SenseiHov) July 22, 2024
As of press time, XRP was priced at $0.5985 with a trading volume of $2.34 billion on the last day. This represents an increase of 1.09% in the past 24 hours and an increase of 11.46% over the last week. Leb Crypto and Hov offer a cautiously optimistic view of XRP’s potential. With recent indicators and market data pointing to a bullish trend, XRP may continue to attract attention from traders and investors in the coming months.
The post Bullish Signals Emerge for XRP, But Can the Momentum Hold? appeared first on Coin Edition.
