Cryptocurrency analysts are pointing to key metrics that suggest the price of XRP, the native token of the Ripple payment network, is gearing up for a significant rally. According to Cryptoinsightuk, a pseudonymous analyst, XRP has just closed above a critical resistance level on the monthly chart for the first time since its major correction in August.
“We have had a brilliant monthly close for $XRP! I have been calling for a close above $0.59…. AND WE GOT IT! The MACD is about to cross the 0 line, bringing momentum back to the bulls,” tweeted Cryptoinsightuk.
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Technical Analysis Supports Upside for XRP
The monthly close above $0.59 is considered very bullish for XRP’s outlook. Cryptoinsightuk notes that the last time XRP closed above this level, the price rallied 180% in the following month. Extrapolating this historical precedent could imply a price target around $1.69 next month.
In addition, the moving average convergence divergence (MACD) indicator is poised to cross above zero on the monthly chart. According to Cryptoinsightuk, this MACD crossover will align the momentum in favor of the bulls again.
On-Chain Data Shows Growing Interest
On-chain data analytics firm Santiment also highlighted growing interest in XRP among crypto whales and investors.
Source: Santiment – Start using it today
“XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an all-time-high 277.62K wallets holding at least 10K $XRP,” noted Santiment.
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The technical and on-chain signals identified by analysts indicate growing momentum and interest in XRP as it pushes back towards the $1.00 level. The confluence of bullish factors has analysts eyeing further upside, with price targets as high as $1.69 in the near-term.
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