2024-10-15 21:09 |
XRP traded strongly over the weekend, climbing as high as $0.56 amid a surge in trading volumes. This upward momentum reflects a growing confidence among investors, who are increasingly banking on fundamental and robust technical patterns that point to a bullish outlook for the cryptocurrency.
Over the weekend, popular crypto analyst Raajeev Anand emphasized the rising optimism surrounding XRP, predicting a potential 1,500% price surge for cryptocurrency.
“XRP has shown significant price movements with predictions and immediate targets around $0.66,” Anand tweeted on Sunday.
“If certain technical levels are breached, XRP could see a substantial increase, aiming for targets like $2 or even much higher figures like $4.2 or $9.98 due to bullish patterns observed in its chart.” He added.
According to him, other analysts also point to several technical indicators, such as the much-hyped 6.5-year symmetrical triangle breakout and a golden cross formation, which suggest a robust upward trend.
XRP formed a golden cross on its short-term charts about a week ago, signaling potential price rallies. Identified on September 19, this bullish indicator occurs when the 50-day moving average exceeds the 200-day moving average.
Anand also underscored that the July 2024 judgment in the SEC vs. Ripple lawsuit has been pivotal in shaping a positive outlook for XRP. According to the pundit, despite the SEC’s appeal, this legal clarity bolstered investor confidence and positioned XRP for wider adoption in global payment systems.
Anand also pointed out that recent trading activity reinforces this bullish sentiment, marked by a significant increase in trading volume and positive funding rates in the futures markets. Additionally, on-chain data from Santiment indicates that investors are actively accumulating XRP, with Ripple whales purchasing over 470 million XRP in the past 10 days.
This substantial accumulation underscores the growing interest in the cryptocurrency and reflects heightened expectations for its price appreciation.
However, despite the prevailing positive sentiment, the analyst cautioned investors to monitor key resistance levels and be prepared for potential pullbacks, given the mixed signals in the market.
“While the trend is bullish, typical market volatility and corrections should be anticipated,” he said.
At press time, XRP was trading at $0.54, reflecting a 0.29% drop over the past 24 hours.
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