After weeks of anticipation and legal tussles, XRP is making a strong return as the only US-regulated cryptocurrency. If all goes well, 2024 might be XRP’s year to shine.
Let’s get into the latest on XRP’s journey to the $1 mark.
Market Analysts Are Positive!
Market experts at CryptoInsightUK have spotted a promising trend in XRP, hinting that it could surpass the elusive $1 price point. Their optimism is based on an important indicator called the Relative Strength Index (RSI), a widely-used tool to gauge price momentum. Before we dive into details, let’s set some realistic expectations with the analyst’s price forecast.
— Cryptoinsightuk (@Cryptoinsightuk) October 29, 2023$XRP Blast off in T-16 days.
On the Weekly time frame, $XRP is telling me we could be prepping to take off.
The RSI is about to cross bullish.
Open interest has room to spike significantly and looks to be putting in higher highs, roughly 2/3 weeks after it touches the floor,… pic.twitter.com/AttqpZmK5d
Incoming Target Range
The analyst’s projected price range for XRP is between $0.8875 and $1.3617. The last time XRP was in this range was from April 2021 to March 2022. Although an attempt to breach $1 in July faced resistance, XRP is currently holding steady at $0.55 and is trading at $0.55285. To reach the $1.3617 target, XRP needs to increase by a substantial 146%.
But what makes this prediction credible?
Also Read: XRP: The Crypto That’s Built to Last!
It’s All Up From Here!
In the crypto world, two key indicators for assessing price momentum are the Relative Strength Index (RSI) and RSI-Based Moving Average (MA) lines. When the weekly RSI line crosses above the RSI-Based MA line, it signals a shift toward a bullish trend. A similar crossover in July led to a significant surge in XRP’s price. The RSI currently stands at 53.91, with the RSI-Based MA at 51.01, confirming a bullish signal. Keep in mind that crypto markets can be highly volatile.
The analyst also mentions the role of XRP futures open interest in a potential breakout. Open interest refers to the number of outstanding cryptocurrency futures contracts. A sudden rise in open interest, indicated by higher highs, suggests increased market confidence. Overall, higher open interest boosts liquidity and has the potential to trigger a price upswing.
A Brighter Future for XRP
This analysis suggests that XRP might soon reach price levels not seen since earlier this year. As the market approaches its lowest point, all eyes are on the eagerly awaited Ripple IPO. Currently, XRP is trading at $0.5519, still short of the coveted $1.
Read More; XRP Fans, Get Ready! Ripple’s Legal Wins Make Way for 2024 IPO
How XRP will reach these milestones in the coming weeks remains to be seen. Exciting times await XRP investors.
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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