XRP Price Pumps Amid Crypto Market Rebound – Here’s Why Ripple’s Bullish Trend is ‘Intact’

2024-8-6 11:30

With the market rebounding, XRP has shown strength with a price surge of 12.25% in the last day. At press time, the crypto trades at $0.5127 according to CoinGecko data.

This increase shows that XRP may recover swiftly, as seen by the 14.31% drop over the previous week.

A YouTube analysis by XForceGlobal offers insights into XRP’s potential future trajectory. The analyst, using Elliott Wave Technical Analysis, suggests that XRP’s bullish trend remains intact.

XRP Pattern Signals Potential Breakout

According to the XForceGlobal analysis, XRP is currently trading within a triangle pattern. This formation often precedes price movements. The analyst anticipates a bullish continuation once the pattern concludes. 

Moreover, the expert notes that wave C may have reached its completion. This development could pave the way for a wave three of the intermediate degree. Such a move might propel XRP’s price upward, potentially retesting the triangle trend line.

Fibonacci Levels Provide Support

The analysis reveals that XRP has found support in a small cushion based on Fibonacci levels. These mathematical ratios, often used in technical analysis, suggest potential areas of support and resistance. The current price level could act as a catalyst for more price increases.

Notably, the expert is still upbeat about XRP’s future. Even with Bitcoin’s recent price decline, XRP hasn’t broken through any significant support levels. This tenacity illustrates the crypto’s power under trying market circumstances.

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Read also: Why Is The Crypto Market Up Today?

Trading Volume Surges Amid Price Rally

CoinGecko data reveals an increase in XRP’s trading volume. Over the past day, the crypto saw $3,132,114,252 worth of trading activity. This surge in volume coincides with the price increase, potentially indicating growing investor interest.

The substantial trading volume suggests that the recent price movement is backed by genuine market participation. This factor adds credibility to the bullish sentiment surrounding XRP.

The XForceGlobal analyst maintains a bullish outlook on XRP. The expert anticipates that the crypto will eventually break above the trend line. Such a move could signal the start of a more upward trend.

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Ripple (XRP) на Currencies.ru

$ 2.255 (-0.34%)
Объем 24H $12.096b
Изменеия 24h: 0.04 %, 7d: -5.77 %
Cегодня L: $2.1858 - H: $2.2889
Капитализация $129.104b Rank 4
Цена в час новости $ 0.5025 (348.76%)

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Источник: captainaltcoin.com

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