Ripple’s XRP is showing bullish signs, with indicators suggesting it could be about to rally by 20%. Let’s look at the latest developments and metrics that point to this possibility.
Based on a post by Armando Pantoja (@_TallGuyTycoon), XRP has been seeing a large influx of investors. Pantoja reported that XRP recorded 1,721 new wallets in a single day, which is one of the highest single-day metrics in years.
This surge shows there is growing interest in the token. Such an increase in demand could lead to price appreciation.
Another data point from the Coinact Volume Spikes bot reported a 395.94% increase in XRP trading volume across exchanges, reaching $597,841.90. This also signals growing interest in the token.
Technical Analysis Points to Bullish Trend Reversal
Technical analysis from AltFins suggests that the XRP price may be on the verge of a bullish trend reversal. The price moved past the 200-day moving average, which shows its long-term direction could be upward.
The price has also broken out of a falling wedge pattern, which supports the general bullish pattern.
The price is at $0.57, and it could spike to the next level, which is at $0.67, based on AltFIN’s analysis. A spike to that price would be a 20% increase.
However, there is a need for caution as the RSI is showing that the token is overbought, and there could be some retracement before further rallies. For this, traders may start to look at support at around $0.50 and $0.55.
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The analysis also states that the support levels could be a good level to buy again.
The short-term and medium-term trends are looking strong and going up, but the long-term trend is still pointing down. However, momentum indicators like the Moving Average Convergence Divergence (MACD) are showing bullish signs, with the MACD line crossing above the signal line recently.
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