The XRP price surged 13% in the last 24 hours to trade at $0.6119 as of 3.30 a.m. EST on a 63% leap in trading volume to $3.7 billion.
This surge comes as XRP is in the spotlight due to the ongoing lawsuit settlement between Ripple and the SEC.
Investors are hopeful for a positive outcome, which could significantly impact the crypto community. They also anticipate a breakout that could trigger a bull run in the coming weeks.
XRP Price Technical Analysis: Bulls Break Above the Falling Wedge
XRP is currently trading above the upper trendline after dropping from its peak of $0.74. The struggle for price control has led to the formation of a falling wedge pattern, which often signals potential bullish momentum.
The support zone at $0.42 has reinvigorated the bulls, pushing the price up and breaking above the wedge. This has created a new foundation for a potential bull rally ahead.
XRP/USDT Analysis. (Source: Tradingview)
Current price indicators for XRP look promising. It’s trading above the 50-day and 200-day simple moving average (SMA), indicating a potential upward move that could confirm an anticipated rally above thereinforcing the overall bullish sentiment.
The Relative Strength Index (RSI) has rebounded from oversold territory at 30, climbing past the 50 midline into the overbought zone at 77, indicating intense buying pressure. If this momentum continues, the RSI could move further into overbought territory.
Additionally, the green bars on the Moving Average Convergence Divergence (MACD) indicator signal market positivity, with growth in both volume and size. The recent crossover of the blue line above the orange signal line, above the neutral level, further supports confidence in the price surge for XRP.
XRP Price Prediction: Is $1 Within Reach?
XRP’s price is on the brink of a significant bullish rally. The falling wedge pattern is boosting this upward momentum, with the potential to push the price to new highs around $0.7945.
However, the RSI’s overbought position could trigger a correction, allowing the bearish sentiment to take over.
In this scenario, the price could drop to around $0.55, coinciding with the within the 200 SMA. Further downward pressure could even push it towards the upper trendline of the wedge, estimated at approximately $0.4859.
Best Play-to-Earn Token: Can This Crypto 10X Your Money?
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Renowned crypto YouTuber Jacob Bury believes PLAY could be a 10x opportunity.
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