- Buying pressure on XRP increased last week.
- Market indicators looked bullish on the token.
The entire crypto market witnessed much volatility over the last week, and XRP was one of them as its value dipped.
However, the last 24 hours were in investors’ interest as the token’s chart finally turned green. Let’s have a closer look at the token’s state to predict XRP’s price action.
XRP’s current state
CoinMarketCap’s data revealed that XRP’s price dropped by more than 9% in the last seven days. However, the bears lost their hold in the market as the token’s price moved up marginally in the last 24 hours.
At the time of writing, XRP was trading at $0.4359 with a market capitalization of over $24.2 billion.
AMBCrypto’s analysis of Santiment’s data revealed that while the token’s price remained low, investors chose to accumulate more tokens. This was evident from the drop in its supply on exchanges.
Source: Santiment
Additionally, whale activity around the token also remained high throughout the last week, as its number of whale transactions increased. While the token’s price gained a slight bullish momentum, its trading volume also increased, acting as a foundation for a future rally.
Apart from this, the token’s network growth remained high, meaning that more new addresses were created to transfer the token.
However, XRP’s NVT ratio registered an uptick after a drop. Generally, a rise in the metric means that an asset is overvalued, which hints at a price correction.
Source: Santiment
XRP price prediction
AMBCrypto then analyzed XRP’s daily chart to see whether a price uptick was possible. We found that the token’s price had touched the lower limit of the Bollinger Bands, which often results in price upticks.
The Relative Strength Index (RSI) registered an uptick. On top of that, the Chaikin Money Flow (CMF) also followed a similar increasing trend, hinting at a price increase soon.
Source: TradingView
We then planned to check Hyblock Capital’s data to predict XRP’s price in the short term. As per our analysis, if XRP turns bullish, then the token’s value might soon reclaim $0.493.
A successful breakout above that mark could allow the token to touch $0.526 in the coming days.
Source: Hyblock Capital
Realistic or not, here’s XRP’s market cap in BTC’s terms
Next, we took a look at XRP’s weekly chart to find out long-term price targets. First of all, we found a falling wedge pattern. A breakout above the pattern would allow the token to reclaim $0.66.
Going northward, the next possible table would be $0.94. A jump above that mark would allow the token to reach $1.4 in the following months.
Source: TradingView
