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‘Not too late to join XRP wagon,’ analyst says: Here’s why
Market analysts believe that it is still not too late to join the XRP bandwagon, as the altcoin remains in the $0.60 range.
- XRP was in a consolidation phase, forming a symmetrical triangle pattern.
- Whale and shark activity in XRP has also surged to a six-month high.
XRP has recently captured the attention of the crypto community with its notable price movements.
The cryptocurrency has been trading in the $0.60 range, experiencing a 0.40% drop in a week’s range and a 5.93% drop in the last 24 hours. However, market observers and analysts believe it is poised for a surge.
For instance, crypto analyst Mikybull Crypto on X believes that XRP is positioned for an upward move. The analyst commented,
“It’s not too late to join the wagon.”
This suggested that optimal targets for this cycle range from $2.5 to $3.5, with long-term targets stretching upwards of $25.
This sentiment reflected the belief that XRP’s current market structure was primed for a breakout.
Initially gaining traction in 2017, XRP saw its first major bull run, peaking in early 2018.
Following a prolonged bear market, the asset experienced renewed interest and price appreciation during the 2020-2021 crypto boom.
XRP in a consolidation phase
As Milkybull’s chart suggested, XRP was in a consolidation phase at press time, forming a symmetrical triangle pattern that has often preceded significant price movements.
Elsewhere, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) were both above their neutral levels of 50 and zero, respectively, reinforcing the bullish momentum.
This technical setup suggested that XRP might be on the brink of a significant breakout if market conditioned remain favorable.
Source: TradingView
XRP’s price movement was influenced by several key levels. The $0.59 support zone was critical, as it could determine the asset’s short-term direction.
A breach of this level might result in further downside, while holding above it could fuel a rally.
In addition, XRP was eyeing a retest of the $0.75 level, which marks this year’s high, as a mid-term target. To reach this milestone, bulls will need to regain the short-term target of $0.66 in the coming weeks.
Whale activity and market dynamics
Large entities investing in cryptos have also been aggressively accumulating XRP throughout the year. Recent assessments from AMBCrypto indicated that whale and shark activity in XRP have increased in recent weeks.
On the 30th of July, crypto analytics platform Santiment reported that the number of wallets holding at least 10,000 XRP has reached a six-month high.
Source: Santiment
Read Ripple’s [XRP] Price Prediction 2024-25
XRP’s daily trading volume has surged by 180% in the last 24 hours, reaching $3.028 billion at the time of reporting, as per CoinMarketCap data.
This uptick in volume could be a precursor to further price movements, as whales continue to accumulate the asset, potentially setting the stage for a significant surge.
