Ripple’s XRP is showing a major uptrend in its price movement after breaking past major resistance points. XRP has been experiencing an increase of almost 12% for the last week. Further, over the last month, the token has consistently grown by 16 %. This resilient and impressive performance underlies growing confidence and attraction towards XRP.
At the time of writing this article, the value of the token stands at $0.593605, with a 24-hour trade volume amounting to $4.94 billion and a market capitalization of $32.41 billion. During the last 24 hours, the price decreased around 0.23%.
According to Changelly’s latest analysis, Ripple’s price is expected to rise by about 24.75% and may possibly reach $0.731590 by March 02, 2024. Despite this, it is clear that the investors’ demand for Ripple has been high.
Changelly’s analysis of technical indicators indicates a prevailing bullish sentiment, with 79% of them suggesting a positive outlook for Ripple. This implies that most traders and investors anticipate an increase in prices at some point.
Moreover, the Fear & Greed Index, a key sentiment metric, currently registers a score of 80, indicating extreme greed in the market; this indicates that many people believe that Ripple’s future is bright.
Analyst Predicts XRP to Reach $2
A positive perspective on the future of XRP has been shared by crypto analyst EGRAG CRYPTO, who foresees a bullish run that will take the cryptocurrency to $2 and possibly beyond. The analyst uses historical patterns and percentage moves to demonstrate the previous milestones, like XRP going over 0.025c, which indicates significant future movements.
According to the analyst, the next crucial level is $2, which he calls “the gateway to Valhalla.” Consequently, this metaphor emphasizes just how that could happen for XRP soon.
Moreover, the analyst points out that the monthly closes around the 21 Exponential Moving Average (EMA) appear to be a major strength and bullish signal for XRP. It can be noted that most of the time, XRP undergoes several monthly closes below 21 EMA before experiencing remarkable price appreciation. However, since September 2022, XRP has consistently closed above 21 EMA, which may imply a potentially more bullish setup and may signify an aggressive upward move is likely to follow.
However, this means that if the token keeps a $2 monthly candle close above this level, the gates to Valhalla could open up, symbolizing a substantial rise in prices. This indicates that the token’s position is well set for further upward movements supported by historical trends and technical indicators.
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