2024-8-20 01:23 |
XRP price has jumped by over 30% in the last two weeks to trade at $0.59 at the time of writing. After recovering from the August 5 crash that was felt across the cryptocurrency market, XRP has been defending the $0.55 support level.
Data from CoinMarketCap also shows that interest in XRP has increased significantly, with trading volumes surging by 93% in the last 24 hours.
The Relative Strength Index (RSI) suggests that these trading volumes could be influenced by buying activity. The RSI line made a sharp move north before briefly dropping. The RSI is also at 55, a neutral zone, suggesting XRP has more room to gain.
The Directional Movement Index (DMI) further confirms the bullish thesis.
The plus Directional Indicator (DI), shown by the blue line, is above the negative DI, shown by the orange line. This pattern indicates an uptrend. Furthermore, the growing distance between the plus and negative DI suggests a strong current trend.
The Average Directional Index (red line) is also rising, further confirming that the uptrend is strengthening.
The bullish momentum has seen XRP test the 0.618 Fibonacci level at $0.58. The next target for XRP is the 100% Fib level at $0.64, which will open up a rally towards $0.73.
Will XRP Rally to $16?According to X analyst Amonyx, XRP could be beginning a fresh uptrend, potentially taking higher prices. The analyst evaluated previous patterns, noting that after each sharp downtrend, XRP established a higher bottom followed by a sharp rally to record highs.
If the previous patterns repeat, the analyst predicts that XRP will rally to test the $2 resistance level before rallying to a top Fibonacci level at $16.
Such a rally will largely depend on the broader market sentiment and growing interest in XRP. Data from Santiment shows that the number of daily active addresses has increased to the highest level since August 11.
The growing adoption of the XRP Ledger could also benefit the XRP price. As ZyCrypto reported, Ripple has partnered with multiple banking institutions, including Georgia’s Central Bank.
Crypto Market analyst Levi also notes that Ripple has signed more than 1,700 non-disclosure agreements with top global firms, which makes a bullish case for XRP.
“Ripple has over 1,700 NDAs between MAJOR banks, financial institutions, and companies! XRP is going to be the most valuable asset in the world,” the analyst stated.
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