• 13 July, 2024
Market News Price Analysis

Fib Analysis Reveals XRP Is on The Verge of Major Price Breakthrough

XRP is currently positioned for a potentially transformative rally, as highlighted in a recent analysis by Egrag Crypto. The data indicates a recurring symmetrical triangle pattern. This pattern first appeared from 2013 to 2017 and was observed again from 2018.

Source: X

In the initial instance, this pattern resulted in an extraordinary price increase of 7,673.78%, boosting XRP from $0.0076 to $0.397. The analysis points to a similar trajectory, with potential gains reaching 7,674.97%, which could elevate XRP’s price to approximately $22.8023.

XRP’s current market stance aligns closely with the apex of this symmetrical triangle, which is typically a phase of significant price dynamics. This positioning is crucial as it may precede a major bullish phase akin to the one witnessed several years ago.

Over the past week, XRP has seen a notable decline, mirroring a general downtrend in the cryptocurrency market. The price of XRP has fluctuated between $0.48 and $0.44, reflecting instability across various digital currencies during this period. The altcoin has decreased by more than 3% in value, indicating a sharp pullback that aligns with broader market corrections observed across the cryptocurrency spectrum.

Crypto Analysts Spot Bullish Signs in XRP Versus Bitcoin Trading Pair 

XRP experienced a notable decline Thursday, with its price falling by 4.88% to $0.4571. This downturn is reflected in its market capitalization, which has decreased to approximately $25.46 billion. 

The cryptocurrency also saw a significant increase in trading volume, which surged by 66.67% over the past 24 hours, totaling around $1.54 billion. XRP’s price trajectory has shown a downward trend throughout the day, with a notable dip occurring in the early hours, bringing its value closer to the $0.45 mark. 

Source: TradingView

The daily technical indicators for XRP suggest a cautious market sentiment, as displayed on the daily chart. The Relative Strength Index (RSI) is currently at 34.84, hovering near the oversold territory, which might indicate potential selling interest if the index dips further. 

Additionally, the Moving Average Convergence Divergence (MACD) shows a slight bearish momentum as the MACD line is below the signal line, suggesting that the downward trend might continue in the short term.

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