XRP Signals Bullish Trend with Potential for $150 Rally
Market analyst Tony “The Bull” Severino, founder of CoinChartist, has identified a buy signal for XRP on the daily Bollinger Bands indicator. He predicts that this could lead to a rally similar to the one seen in 2017, with XRP potentially reaching $150. In his analysis, Severino highlights how XRP had collapsed towards the lower daily Bollinger Band during the recent market correction.
The pressure on the market was further intensified by the German government’s sale of Bitcoin (BTC), causing significant declines between July 4 and 8. As a result, XRP retested the lower Bollinger Band and even dropped below it on multiple occasions. However, after the German government emptied their BTC stash, bullish sentiments returned and XRP experienced a remarkable 40% spike from its low of $0.4032 on July 8, reaching a three-month high of $0.5661 on July 13. This surge coincided with the anniversary of the ruling in the Ripple v SEC case, which declared XRP a non-security.
While XRP witnessed a mild correction after reaching $0.5661, it has maintained its position above $0.52. Severino highlights that XRP has flashed a buy signal with the Bollinger Bands during the recent uptrend. A decisive close above the upper Bollinger Band ($0.5293) could provide the necessary momentum for another upward movement.
However, for XRP to sustain this uptrend, several bullish factors need to align. High trading volume is crucial to support the price movement and ensure that the surge receives sufficient backing from significant investor interest. Currently, XRP has experienced a 46% drop in volume over the past 24 hours, indicating reduced buyer interest.
Despite the decrease in trading volume, XRP has observed spikes in daily active addresses, according to Santiment data. This suggests that there is still significant activity surrounding XRP despite the drop in volume.
Another analyst, Javon Marks, has set an ambitious target of $150 for XRP. Marks points to a coil pattern in the form of a symmetrical triangle that has been present since 2018. He believes that XRP is on the verge of breaking above this pattern after six years and has the potential to replicate its historic 2017 surge. According to Marks, this could push XRP to an impressive $150 price target, a 300x increase.
Over the past seven days, XRP has surged by 26%, with the RSI at 65 and stabilizing, indicating that it is not yet overbought. The rally has paused, and XRP is currently in a consolidation phase. However, with a 46% decrease in trading volume, XRP is experiencing a decrease in buying momentum.
Despite this, the MACD line remains above the Signal line, suggesting that XRP still maintains its bullish potential. To resume the uptrend, XRP needs to see renewed buying interest and an increase in buying volume.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect those of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.