- Technical and fundamental indicators support XRP’s bullish momentum, as more than 825 million XRP transacted between accounts.
- An analyst has observed that XRP could soon hit $3, but would have to make a decisive move above the $2.41 level.
XRP has made a resounding comeback to reclaim the $2.38 level after printing a 7.5% surge on its daily price chart and a 7.32% surge on its weekly price chart. According to our market data, XRP’s trading volume has significantly increased by 41% compared to the previous day, as $6.8 billion changes hands at press time.
Assessing its on-chain activities, we found that the amount of the asset that is transacted between two accounts has increased to more than 825 million XRP. Mathematically, this is a 200% surge from the figure recorded in the previous month.
Analysing this move, analysts explained that this signals a rising Institutional interest. Meanwhile, a long-standing descending triangle resistance on the daily time frame, which subdued the price growth in the first quarter, has also been broken.
According to the analysts, a sustainable hold above the Exponential Moving Averages – 21, 50 and 100 EMA, could see the price hitting $3. Supporting this move, we found that the Relative Strength Index (RSI) of XRP has reached the 63 level, indicating a bullish momentum. The price could also make a further move towards its all-time-high price at $3.4 before reaching the overbought territory at 70.
Analyst Speaks on XRP
Joining the XRP discussion, another analyst identified as Egrag Crypto highlighted that any move within the range of $2.15 and $2.41 is of no importance. According to him, the main bullish breakout of XRP would be confirmed once it makes a decisive move above the $2.41 level. By a decisive move, Egrag Crypto implies that the asset should hold above this level for three consecutive days.
On the bearish side, the analysts also pointed out that a break below the $2.14, which he described as the “Bull Market Support Band”, could trigger a deeper correction. In this case, the $1.9 level is reported to be the nearest crucial support level once the current setup breaks down.
Egrag Crypto has long been bullish on XRP. As highlighted in our previous news brief, this analyst predicted that XRP could hit $27. In a separate post, he also estimated a potential move to $31. While this price point has been labelled to be quite outrageous from the current position, analysts have explained that the inflows that could come with the potential XRP Exchange Traded Fund (ETF) approval could easily send the market cap beyond $1 trillion, as also explored in our previous blog post.
Agreeing with his position, another analyst called Dark Defender has predicted that XRP would first have to secure the $5.85 and $8.76 levels where resistance could be witnessed due to profit taking. From this level, the asset could advance towards $13 and $15, as discussed earlier.
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