Ripple (XRP) is currently in a bullish trend, marking rather consistent impulses of growth and increased attention of traders. The key resistance levels remain monitored, with some likelihood of their further increase.
Recently, the renowned crypto analyst Dark Defender has shared insightful observations regarding the bullish movement of XRP. The analyst highlights that XRP has been representing a bullish trend over a 4-hour time frame, suggesting to demonstrate sustainable momentum for its price. Similarly, the price rising above these certain key levels would add to the prevailing confidence towards a bullish view. Meanwhile, Dark Defender has suggested $0.60 in the coming days.
The resistance levels are pinpointed on the chart as marked with an orange line, especially underlining the significance of the level when the price reaches $0.6649. This has historically been the bar that has not allowed for further price appreciation for XRP. As such, this key level of XRP is one to watch, and a strong break above it would signal further bullish conviction.
Recent activity surrounding XRP and Ripple has not escaped the notice of the cryptocurrency community. Data from Whale Alert highlights that a massive sum of 100 million XRP, equivalent to almost $52.6 million, had been sent from an unknown wallet to Ripple.
This comes against a backdrop of increased scrutiny and keen interest from the crypto and XRP communities. Prior to this transfer, Ripple had carried out another massive transaction where they moved 80 million XRP valued at slightly over $42 million to the undisclosed wallet.
The recent transaction activity within the XRP ecosystem has further supported the sentiment around the cryptocurrency. Meanwhile, the bullish trend of the technical indicators also supports the value of XRP. On a general note, market sentiment stays positive, with the growth expected in XRP to continue in the near term.
Ripple (XRP) Price Analysis & Short-term Price Prediction
Presently, XRP is priced at $0.518910, and its trading volume outstanding within 24 hours is registered at $1.30 billion. The market capitalization is at $28.28 billion, showing a stable market position. XRP has lost -2.96% of its price in a day.
The most recent prediction on Ripple price shared by Changelly puts the price forecast of XRP at $0.659028, which is going to be an increase of 24.79% by February 13, 2024. The Fear and Greed Index now reads 71 (Greed), with technical indicators showing a 23% bullish Ripple market sentiment.
Concerning the price fluctuation of XRP in early 2023, the average rate of XRP is supposed to reach $0.628 in February 2024, given the claims of the crypto experts. Meanwhile, the minimum is $0.532, and the maximum is $0.723. The forecasted return on investment (ROI) amounts to 35.5%.