Ripple (XRP) has recently outperformed Bitcoin, with the German government’s continued sale of its BTC holdings driving this trend. In the past week, it has surged by 22%, while Bitcoin has seen a modest increase of just over 4%. Over the past month, XRP has increased by 11%, contrasting with Bitcoin’s 10% decline. it is currently trading at $0.5323, reflecting a 3.39% increase, and its trading volume has surged by 33.05% in the last 24 hours.
Crypto analyst Javon forecasts a significant price movement for XRP. He highlights a significant symmetrical triangle formation on its price chart that suggests a potential breakout. This setup, reminiscent of the legendary 2017 surge, could trigger a substantial rally. As the trend lines converge, creating a narrowing price range, the likelihood of a breakout increases.
According to Javon, breaking out of this symmetrical triangle could initialize a monumental rally. He projects XRP could appreciate over 300 times, pushing prices beyond the $150 threshold. Critical levels identified include the triangle’s apex, where the breakout is anticipated, and the potential height of the post-breakout movement.
XRP Bullish Momentum
XRP’s current price is showing strong bullish momentum. On July 13, XRP crossed its 50 and 100-day Exponential Moving Averages (EMAs), now positioned above these critical levels. This upward movement suggests a positive trend, with the price aiming to breach its next resistance at $0.6174. If successful, it will likely test the higher resistance at $0.7231.
However, consolidation around this level is possible before any further upward movement. For XRP to maintain its ascent, holding above $0.5070 is crucial. Failing to do so could see the price drop to $0.5051, with potential further declines to $0.4846.
The Relative Strength Index (RSI) currently stands at 66.20, signaling a strong bullish trend. Additionally, the MACD line has crossed above the signal line, suggesting bullish momentum. This crossover typically indicates a buying signal, reflecting increased investor interest. The positive MACD histogram further reinforces this upward trend.
The Chaikin Money Flow (CMF) indicator at 0.14 shows a significant capital inflow into XRP, indicating strong buying pressure. A CMF value above zero supports the bullish outlook, suggesting more accumulation than distribution. These indicators collectively hint at potential upward price movements for it in the near term.
Related Readings | Fantom (FTM) Primed for Breakout: Analyst Eyes 522% Surge