- Buying pressure on XRP has increased over the last week.
- Market indicators showed bullish signs for the token.
The entire cryptocurrency market experienced major volatility last week. Ripple It was one of them because its value dropped.
However, the past 24 hours have seen the token attract investor interest as its chart finally turned green. Let’s take a closer look at the state of the token to predict XRP price movements.
Current Status of XRP
CoinMarketCap data It revealed that the price of XRP has fallen by over 9% in the past seven days. However, bears have lost their lead in the market as the token’s price has increased slightly in the past 24 hours.
At the time of writing, XRP is trading at $0.4359 and has a market cap of over $24.2 billion.
AMBCrypto’s analysis of Santiment data revealed that despite the token’s price remaining low, investors chose to accumulate more tokens, as evidenced by the declining supply on exchanges.
Source: Santiment
Additionally, whale activity around the token has also been robust throughout the past week, with an increase in the number of whale transactions, helping the token’s price pick up a slight bullish momentum and an increase in trading volume, laying the foundation for future upside.
Apart from this, the token’s network growth remains high, meaning that more new addresses have been created to transfer the token.
However, XRP’s NVT ratio recorded an increase after the drop. Generally, an increase in this metric means the asset is overvalued and suggests a price correction.
Source: Santiment
XRP Price Prediction
AMBCrypto then analyzed the daily chart of XRP to see if there was a chance of a price upswing, and found that the token’s price had hit the lower limit of the Bollinger Band, which would lead to a price upswing.
The Relative Strength Index (RSI) has recorded an uptrend, while the Chaikin Money Flow (CMF) is also showing a similar upward trend, suggesting that prices will rise in the near future.
Source: TradingView
Next, we decided to check out data from Hyblock Capital to predict the price of XRP in the short term. According to our analysis, if XRP turns bullish, the token could quickly regain its value of $0.493.
A breakout from this level could see the token reach $0.526 in the coming days.
Source: Highblock Capital
Whether it’s realistic or not, XRP market capitalization converted to BTC
We then looked at the weekly chart of XRP to find long-term price objectives. Firstly, we spotted a descending wedge pattern: a breakout above this pattern could see the token reclaim $0.66.
Moving north, the next likely table would be $0.94. A jump above that mark could see the token hit $1.4 in the coming months.
Source: TradingView
