Crypto analyst predicts “mega bullish rally” for XRP, targeting $2.30.
XRP’s price surge and technical indicators support the bullish outlook.
Legal clarity on Ripple’s ODL sales further boosts XRP’s potential.
XRP, the seventh-largest cryptocurrency by market capitalization, has surged 19.45% in the past 24 hours, reaching $0.615193, and the trading volume exceeding $5.6 billion. This bullish momentum has led the well-known crypto analyst Captain Faibik to predict a “mega bullish rally” for XRP, with a midterm target of $2.30.
$XRP Mega Bullish Rally incoming so Don't miss the Ride..🏄♂️Midterm target : 2.30$#Crypto #XRP #XRPUSDT #XRPCommunity pic.twitter.com/hb0pfGlHoi
— Captain Faibik (@CryptoFaibik) August 8, 2024
A distinct uptrend has emerged, characterized by higher lows and higher highs. This is further validated by XRP trading above the 20-day and 50-day simple moving averages, (SMA). Increased trading volume, with several spikes, further validates the positive market sentiment, suggesting potential for continued upward movement.
The 9-period SMA of the volume also shows an upward trend, pointing to growing buying pressure. This increase in volume is a positive sign, as it often precedes or accompanies sustained price movements.
The Moving Average Convergence Divergence (MACD) indicator further supports the bullish outlook. The MACD line has crossed above the signal line, forming a bullish crossover. This is a key signal of potential upward momentum. Moreover, the MACD histogram has turned positive, further reinforcing the likelihood of continued price appreciation.
Source: TradingView
The Relative Strength Index (RSI) is currently around 58 placing XRP in neutral to slightly overbought territory. The RSI has been oscillating between 30 and 70, which suggests that XRP is neither in an extremely overbought nor oversold condition. This balance indicates that there may still be room for upward movement without the immediate risk of a sharp reversal.
However, market participants are also considering legal developments surrounding Ripple, the company behind XRP. Attorney Jeremy Hogan recently addressed concerns about a U.S. court injunction and its potential impact on Ripple’s On-Demand Liquidity (ODL) sales.
I see lots of questions re what the injunction means for ODL sales. I don't see it changing the status quo AT ALL, for the following reasons:1. As Ripple has stated, the majority of its XRP and ODL sales are outside the U.S. jurisdiction and not subject to the ruling. Those… pic.twitter.com/3GimWEcp0c
— Jeremy Hogan (@attorneyjeremy1) August 7, 2024
He emphasized that most of Ripple’s XRP and ODL sales occur outside U.S. jurisdiction, meaning they are not subject to the court’s ruling. Ripple’s operations are expected to continue largely unaffected. Moreover, Ripple can still sell XRP to institutions under specific exemptions, ensuring legal compliance.
Such legal clarifications, coupled with positive technical indicators, suggest XRP may continue its upward trajectory. The combination of strong market sentiment and legal clarity provides a solid foundation for potential future gains. As XRP approaches the $2.30 target, traders and investors will be closely monitoring its performance.
The post Analyst Calls for XRP Mega Bullish Rally, $2.30 Target in Sight appeared first on Coin Edition.
