XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4
April 23 2024 - 5:00PM
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XRP has shown notable signs of renewed bullish momentum in the
market. It bounced back from a significant 11% price drop on April
12th, which took the token to its lowest level of the year at
$0.4230. However, last week saw a solid 12% price recovery,
with XRP outperforming the other top 10 altcoins in the market,
behind only Solana (SOL) and Binance Coin (BNB). Signs Of A
Strong Bullish Trend Ahead For XRP? On Tuesday, XRP hit a
high of $0.5571, demonstrating its bullishness and outperforming
its peers. This resurgence was paired with a spike in wallet
activity, a positive sign for the token’s overall market
sentiment. According to the network intelligence platform
Santiment, the number of wallets holding at least 1 million XRP has
steadily increased over the past six weeks, rising by 3.1%. It is
now just one wallet away from reaching an all-time high (ATH).
Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin
Price Target By Year-End In addition, crypto analyst Ali Martinez
reported a notable buying spree among XRP whales, who purchased
over 31 million tokens in the past week alone. This has contributed
to the cryptocurrency’s price recovery, emphasizing renewed
confidence in its uptrend prospects. Regarding price action, market
analyst Egrag Crypto points out that XRP has formed a double bottom
pattern, considered a strong bullish signal. This pattern, combined
with the transition of the consolidation zone into a supply zone
and the wicking area into a demand and accumulation zone, indicates
a promising outlook for the token, according to the analyst.
Egrag Crypto is confident that a significant price spike or
“thrust” is imminent, and the analyst has updated his target to
$1.4 for XRP. Critical Resistance Levels To Watch
Despite initial bullish outlooks for XRP, the token has retraced to
the $0.5474 price level as of the time of writing, accompanied by a
14% decrease in market capitalization over the past 30 days.
Moreover, as XRP aims to reach higher levels, potential resistance
barriers may impede the token’s recovery and the bullish trend.
Analyzing the XRP/USD chart below reveals the immediate resistance
at $0.5644, which has prevented consolidation above current levels
for the past week. Related Reading: The Cardano $1 Dream: Is A
Price Explosion Coming Or Just Deja Vu? After that, the final
obstacle before a retest of the $0.600 zone lies at the $0.5884
level. This level previously served as a support floor for the
token, leading to a rebound during the uptrend seen in March, which
took XRP to its yearly high of $0.745. Conversely, monitoring the
support levels at $0.52910, $0.5184, and $0.5044 is crucial. If a
bearish scenario develops in the coming days, these levels may
prevent XRP from falling below $0.500. Featured image from
Shutterstock, chart from TradingView.com
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