- XRP gains over 10% in 24 hours, hitting $0.4965, supported by bullish momentum and strong buyer interest.
- Ripple’s XRP forms a falling wedge pattern, suggesting a higher potential breakout to $0.6-$0.8, analyst predicts.
- With a 17.98% rise over the past 7 days, XRP outperforms the global crypto market and FTX Holdings.
The price of XRP has experienced a significant surge, rising by over 10% in the past 24 hours. This increase is reflected in the one-hour interval price chart by Good Morning Crypto, indicating a strong bullish trend. The price of XRP as per the analyst’s chart is $0.4965, with a substantial rise from previous levels.
XRP’s price has been on an upward trajectory, evidenced by a series of green candlesticks on the chart. This pattern signifies bullish momentum. Notably, the price remains above three key moving averages (MAs): the 7-period MA at $0.4827, the 50-period MA at $0.4585, and the 100-period MA at $0.4472. The position of the price above these MAs highlights strong bullish momentum and potential support levels at these averages. Additionally, increasing volume at the bottom of the chart correlates with the price rise, suggesting robust buyer interest.
Immediate support for XRP can be identified around the 50-period MA at $0.4585. Resistance might be observed at the psychological level of $0.50. The overall market sentiment appears positive, as indicated by the 10% increase and the strong upward movement in price.
During this press, XRP traded at $0.5048, with a 24-hour trading volume of $2,062,502,669. This represents a 10.56% price increase in the last 24 hours and a 17.98% price increase in the past seven days. XRP’s price increase outperforms the global cryptocurrency market, which is up 0.50%, and similar FTX Holdings cryptocurrencies, which remain unchanged.
In a separate analysis, Captain Faibik highlights XRP’s recent breakout from a falling wedge pattern on the daily chart. This pattern, visible in the accompanying image, suggests a bullish reversal.
Captain Faibik notes the potential for XRP to reach a target range of $0.6 – $0.8, based on the height of the wedge. This projection aligns with other technical indicators suggesting a continued upward trend for XRP.
Bullish Trends Emerge for XRP, DOGE and XLMAccording to World Of Charts, a notable analyst on X, XRP had formed a falling wedge pattern, a bullish reversal indicator. This pattern, developing since mid-April, featured two converging trendlines with the price making lower highs and lower lows. This consolidation suggested a potential breakout above the upper trendline, potentially leading to a significant bullish move.
Ultimately, the recent surge in XRP’s price underscores the positive market sentiment and strong bullish momentum. This upward trend, supported by key technical indicators and increased volume, reflects a robust interest from buyers, positioning XRP for potential future gains.
