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Analysts Say XRP Bullish Wave For Rocket Rally is Coming

XRP has exhibited signs of a potential price surge in the coming days, with analysts pointing to a breakout on the 12-hour chart as a key indicator.

The recent analysis by ZAYK Charts (@ZAYKCharts) suggests a bullish wave of 20-30% for XRP, with a target zone of $0.68 if the uptrend materializes. This prediction is based on the recent breakout of a crucial trendline on the 12-hour timeframe for the XRP/USDT trading pair.

Analysts Say XRP Bullish Wave For Rocket Rally is Coming

Read Also: Machine Learning Model Predicts XRP Price for April 30, 2024 

Signs of a Breakout in XRP’s Performance

Technical analysis has renewed optimism around XRP, and the digital asset’s performance over the past 24 hours has reinforced this optimism. XRP has climbed 1.01% to $0.5361. XRP reached a weekly high of $0.5541 in the later hours of May 21 before a slight correction sent it to its current price.

Despite some recent fears of the SEC potentially appealing the lawsuit, XRP is also up 6.04% over the past week, and this renewed bullish momentum could be a sign of better things to come.

XRP’s trading volume also shows investor confidence, up 108.10% over the past 24 hours to $2.19 billion. This sharp rise in trading activity indicates continued investor interest in XRP, and could also be a precursor to the surge predicted by ZAYK Charts. Further market data analysis reveals an increase in XRP’s open interest, climbing 4.41% to $631.82 million at press time.

Key Support and Resistance Levels

On the 4-hour chart, XRP is currently positioned around the 38.2% Fibonacci retracement level, which is considered a support zone. This indicates that the coin is finding some stability after the recent dip. More importantly, XRP has successfully held above the crucial $0.5 support level, last touched on May 15.

The immediate hurdle for XRP appears to be the $0.55 resistance level. If the bulls can overcome this barrier, the next target zone could be the 78.6% Fibonacci level, potentially leading to a test of the critical $0.57 resistance, last seen in April.

Read Also: As XRP Shows Signs of Recovery, Analyst Pinpoints Key Support and Resistance Levels to Watch 

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Conversely, a failure to breach the $0.55 resistance could lead to a price drop back towards the $0.5 support zone. A break below this level could trigger further declines, potentially reaching the May low. However, analysts are confident in XRP’s future, with predictions that XRP could reach $1 soon.

XRP’s technical indicators also support the bullish sentiment. Although its Oscillators are neutral, the Moving Averages show a buy signal, and TradingView’s summary shows a buy signal.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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