Convergence

bullish

when

<p><strong>XRP</strong> Price&nbsp;is expected to rise significantly, just like it did in 2017. Tony Severino, a chartered market technician, performed an analysis that made him predict this. He noted that the monthly Bollinger Bands for XRP are the narrowest they have ever been.</p>
<p>He also compared today’s market with February 2017 when there was such a structure and within a year this had led to a growth of 6000%, which took XRP from $0.0055 to an all-time high of $3.84 by January 2018.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a> monthly Bollinger Bands are the tightest ever<br><br>Tighter than before the historic 60,000% rally that ended in early 2018 <a href="https://t.co/OFTTkcDxDU" rel="noopener noreferrer nofollow">pic.twitter.com/OFTTkcDxDU</a></p>— Tony "The Bull" Severino, CMT (@tonythebullBTC) <a href="https://twitter.com/tonythebullBTC/status/1818074790407848236?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-xrp-price-technical-analysis-and-market-sentiment"><strong>XRP Price Technical Analysis and Market Sentiment</strong></h2>
<p>The narrowing Bollinger Bands on XRP indicate low volatility, suggesting that the asset is in a consolidation state. This pattern may signify the potential for significant price movements.</p>
<p>Actually, despite the bullish technical prospect for XRP price this month, XRP still ranks lower than many of its peers. Specifically, according to market tracker CoinCodex, 90 out of the top 100 cryptocurrencies have outperformed XRP over the past year.</p>
<p>Additionally, the 4-hour chart for&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/27/ripple-payment-network-catering-to-80-countries-how-does-this-favor-xrp/" rel="noopener noreferrer nofollow">Ripple</a>&nbsp;(XRP) displays a notable upward trend in its Moving Average Convergence Divergence (MACD) indicator, providing insight into the asset’s momentum. Currently, the MACD line has crossed above the signal line, indicating a bullish momentum as the asset price has seen an upward trajectory in recent periods. This crossover is reinforced by the increasing separation between the two lines, suggesting a strengthening of the bullish trend.</p>
<p>The histogram, which visualizes the difference between the MACD and signal lines, has shown growing green bars. This growth indicates an increase in bullish momentum, as the MACD line extends its distance from the signal line. As of the latest data, the MACD value is at 0.0107, highlighting a continued positive momentum that could potentially push the price higher if sustained.</p>
<p>At press time,&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/30/whales-withdraw-heaps-of-xrp-are-we-poised-for-a-major-price-movement/" rel="noopener noreferrer nofollow">XRP</a>&nbsp;has gained around 37% within one month currently trading at $0.6497. There has also been a huge jump in trading volume which grew by 162% suggesting strong buying support and participation in the market.</p>
<p>The market cap was up by another 8.24%, ensuring that XRP remains the sixth-largest cryptocurrency by market capitalization today. This swing in finance reflects increasing optimism about the future growth prospects of this digital coin.</p>
<h2 class="wp-block-heading" id="h-insights-from-market-analysts"><strong>Insights from Market Analysts</strong></h2>
<p>Furthermore, Ali Martinez, a renowned market analyst, has gone ahead to say that Ripple (XRP) is on its way out of a six-year symmetrical triangle pattern. This implies that breaking past this price may well indicate the beginning of a new bullish phase with a critical level put at around $0.9 per coin as suggested by Martinez.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a> has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> surpasses $0.90. <a href="https://t.co/YzW3jDuvF9" rel="noopener noreferrer nofollow">pic.twitter.com/YzW3jDuvF9</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1818339028808167777?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Michael XBT also adds that based on a technical analysis, XRP could be out of prolonged consolidation by&nbsp;<a href="https://x.com/MichaelXBT/status/1816955867964530768" rel="noopener noreferrer nofollow">August</a>. This further emphasizes how imminent the potential price movement is.</p>
<h2 class="wp-block-heading" id="h-future-trajectory"><strong>Future Trajectory</strong></h2>
<p>While some market participants remain skeptical, citing previous failures of chart patterns to accurately predict XRP’s price, the convergence of multiple technical indicators and the analyses by Severino and Martinez provides a compelling case for potential growth.</p>
<p>The historical context of XRP’s rise and the current technical setup suggests a scenario where XRP could once again achieve extraordinary gains. This analysis, strictly based on observed market data and expert insights, highlights the cyclical nature of cryptocurrency markets and the potential for sudden changes in asset valuations.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/31/analyst-predicts-potential-60000-surge-for-xrp-price-but-how/" rel="noopener noreferrer nofollow">Analyst Predicts Potential 60,000% Surge for XRP Price, but How?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Analyst Predicts Potential 60,000% Surge for XRP Price, but How?

Table of Contents

Thecoinrepublic.com

Další články publikované 31. 7. 2024

Step Into The World Of Online Gambling: What You Need To Know

XRP Price Jumps As Ripple Leadership Blasts SEC’s ‘Hypocritical’ Crypto Regulation

Top Altcoins To Stack For The Upcoming Crypto Bull Run!

Binance Labs Unveils First Batch of Projects in Season 7 Incubation Program

SEC Keeps Solana Security Status Unclear, Here’s What Experts Say

Dogecoin Transaction Volume Surges

Join our free newsletter for daily crypto updates!