A recent analysis by Tony “The Bull” Severino (@tonythebullBTC), a prominent analyst on X, highlights a buy signal on the daily Bollinger Bands for XRP. Bollinger Bands are a technical indicator used to assess volatility.
In this case, the indicator suggests a potential breakout from a period of price consolidation. This comes after a prolonged period of market correction and a recent recovery.
Severino’s analysis points out that XRP dipped towards the lower Bollinger Band during the recent market correction, coinciding with the German government’s sale of its Bitcoin holdings.
However, a resurgence in bullish sentiment followed, leading XRP to a three-month high of over $0.56 on July 13. This upswing came around the anniversary of the court ruling from July 2023 in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), where the judge declared XRP a non-security.
Maintaining the Uptrend
For XRP to sustain its current momentum, several factors need to come into play. High trading volume is crucial to support the price movement, indicating strong investor interest. While XRP has witnessed a recent surge, a 12.93% drop in trading volume over the past 24 hours potentially explains why the surge has stalled.
However, data from Santiment suggests an interesting counterpoint. Despite the drop in volume, XRP is experiencing a rise in daily active addresses. This indicates that a new wave of investors might be entering the market, potentially offsetting the decrease in trading volume.
Ambitious Price Target
While Severino refrains from making specific price predictions, another prominent analyst Javon Marks (@JavonTM1) offers a more daring forecast. Marks identifies a symmetrical triangle pattern on XRP’s 18-day chart, a formation that has persisted since 2018. According to his analysis, XRP is on the cusp of breaking out of this pattern, potentially mirroring its historic 2017 upswing.
Marks suggests this breakout could propel XRP to a price target of $150, representing a remarkable 300x increase. It’s important to note that such a price target is highly ambitious and reflects a long-term bullish perspective.
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Current Market Conditions
XRP is trading at $0.5356, showing a meager 0.66% increase over the past 24 hours. However, this doesn’t take away from its recent performance, as XRP is up 24.17% over the past week.
The recent rally has entered a consolidation phase, with XRP experiencing a decrease in buying momentum due to the drop in trading volume. However, the Moving Average Convergence Divergence (MACD) indicator remains positive, suggesting that the overall bullish trend might persist. As a result, many experts are bullish on XRP.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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