EGRAG CRYPTO, a crypto analyst, shared insights on XRP’s weekly chart performance. The analyst pointed out that a distinctive bullish pattern emerges when analyzing XRP’s weekly performance, indicating possible upward momentum. Historical data has always depicted that consolidation usually happens below the 100 Weekly Moving Average (WMA), which historically acts as a resistance until a breakout occurs.
According to the analyst, this analysis is supported by two crucial data points. First and foremost, the accompanying chart shows that 100 WMA currently acts as an incredibly strong support level. This implies significant bullish momentum from a macro perspective that once again emphasizes how strong XRP’s price action has been.
Forecasts for the next bull run are expected to start from levels above 100 WMA, which, if true, could lead to a change of odds in favor of XRP into a better setup than the previous cycles, and the rise could be more profound. The weekly chart of the token has bullish potential.
XRP Short-term Price Prediction
At the time of writing, the price of XRP is trading hands at $0.562841 with a 24-hour volume of $2.59 billion and a market cap of $30.73 billion. XRP’s price changed by 4.74% in the last 24 hours.
According to the last updates published by Changelly, Ripple (XRP) is projected with a unique, promising forecast of an upswing in its value. By the end of February 28th, this cryptocurrency was predicted to achieve around $0.668670, a substantial increase of around 22.13%.
A closer look at the full analysis of Changelly reveals a mixed market sentiment point of view for Ripple. Technical indicators support a notable 31% bias towards bullish trends, meaning underlying optimism remains among investors. And yet, such a bullish course is accompanied by preventive indicators, signifying a thin line between optimism and prudence.
Besides, the Fear & Greed Index, one of the key gauges of market sentiment investors use, also clearly indicates the market’s sentiment. The level currently stands at 72, pushing the index towards the end of the greed scale, signaling that there must be an appetite for risk on the part of most others from the markets.