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XRP Bulls Roar: Analyst Foresees Explosive Surge With ‘God Candle’ On The Horizon

XRP investors are eyeing a potential price surge, and one analyst forecasts an optimistic outlook for the cryptocurrency.

Dark Defender, a prominent figure in the XRP community, has drawn parallels between the current market movement and the 2017 historic rally.

According to Dark Defender, this resemblance suggests a significant upward trajectory for XRP, potentially culminating in what he refers to as a “God Candle.”

Market Analysis And Forecast: A Closer Look At XRP’s Future

Dark Defender’s analysis centers around the observation that the current market dynamics echo the 2017 cryptocurrency boom, characterized by substantial shifts in digital asset valuations.

During this time, XRP experienced a notable ascent from mere fractions of a cent to over $3, reaching an all-time high in January 2018.

Drawing from this historical context, Dark Defender suggests that XRP’s current sideways movement may indicate an impending surge, highlighting consistent Fibonacci points as evidence of potential price targets.

While recent market activity has seen XRP’s value decline by approximately 22% over the past week, with prices dipping from last Thursday’s $0.60 to as low as $0.44 during the weekend, there are signs of resilience within the altcoin.

In the early hours of today, XRP exhibited a modest uptick, posting a marginal increase of around 1.2% and reaching a 24-hour high of $0.50. However, at the time of writing, the altcoin has retraced back down by 0.4% with a current market price of $0.49.

XRP price chart on TradingView

XRP Market Sentiment

Amidst this fluctuation, XRP whales have demonstrated a bearish sentiment. Particularly, Whale Alerts, a whale transaction tracker, has recently shared significant transactions on social media platform X, highlighting the movement of large volumes of tokens.

One notable transaction involved the transfer of 158 million tokens valued at $77 million from a private wallet to the Binance crypto exchange. This sizable transfer raised concerns among investors anticipating a shift from a bearish trend to a bullish surge.

Additionally, another transaction involved the transfer of 28.9 million XRP, equivalent to $14.2 million, to Bitstamp. Despite the prevailing bearish sentiment, cryptocurrency analyst Javon Marks, similar to Darkdefender, has revealed his optimistic outlook on the altcoin.

Marks, previously recognized for his bullish stance on the altcoin, recently adjusted his predictions, envisioning a 400x surge in XRP’s price. His forecast projects the altcoin to soar to roughly $288.

Featured image from Unsplash, Chart from TradingView

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Crypto Alarm: XRP’s Trade Volume Hits Six-Year Low, A Cause For Concern?

A significant dip in XRP daily trading volume has caught the attention of investors and analysts alike. On Thursday, XRP’s trading volume plummeted to levels not seen in the past six years, a development that has raised eyebrows among crypto enthusiasts.

Just XRP Or Industry-Wide Slump In Trade Volumes?

Reputed lawyer and XRP advocate, Bill Morgan, took to X (formerly Twitter) to shed light on this concerning trend highlighted by WrathKahneman. According to WrathKahneman, the trading volume of XRP on December 21 stood at approximately 1.9 billion, a stark contrast to the $2.4 billion witnessed in 2022 and drastically lower than $19.3 billion recorded in 2020.

This decline has sparked a debate over the implications for the token’s market dynamics and investor sentiment. While the decline in XRP’s trade volume has become a focal point for discussions, it is important to note that this trend isn’t isolated to XRP alone.

Mr. Huber, a recognized figure in the crypto world, pointed out that leading cryptocurrencies such as Bitcoin and Ethereum are also experiencing similar plunge in trade volumes. This broader market trend suggests a possible shift in the trading activities across the crypto landscape.

Media reports corroborates Mr. Huber’s assertion, indicating that Bitcoin’s trade volume as of August 28, 2023, had reached its lowest in four years. This pattern, reflected across multiple major cryptocurrencies, hints at a more complex market dynamic that extends beyond XRP.

XRP’s Current Market Performance

Despite the concerns over trading volume, XRP has exhibited resilience in its market price. Over the past 24 hours, the digital asset has seen a near 1% increase, with its trading price hovering around $0.61.

XRP price chart on TradingView

Although it experienced a 4.6% decline over the past two weeks, XRP’s performance over the past month shows a 3.8% increase. Currently, its trading volume has continued to decline further standing at about $1.3 billion, maintaining a relatively steady state compared to last Friday’s $1.2 billion.

Furthermore, Mr. Huber’s observation that the downturn in trading volume isn’t unique to XRP was echoed by another user, MoonLambo on X. This user, responding to Bill Morgan’s post highlighting what could be either interesting or concerning, supported Mr. Huber’s view by adding, “I disagree.”

MoonLambo disclosed that there is nothing concerning and that the plunging trading volume is not unusual or worrying. They point out that considering the vast number of days (around 2,200) over the past six years, focusing on just six specific days’ data is too narrow to draw meaningful conclusions.

According to their analysis of the all-time XRP/USD price chart, they note a consistent pattern where both XRP’s price and trade volume increase as market activity heats up. This pattern has been observed consistently over a decade, not only for XRP but also for other major cryptocurrencies like BTC and ETH.

MoonLambo further assert that the current state of XRP’s volume is typical and expect a significant increase in trade volume when XRP experiences its next market rally.

Featured image from Unsplash, Chart from TradingView

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XRP And XLM In Lockstep? Expert Sheds Light On Their Surprising Price Synchronization

Recently, a notable observation has been the significant correlation between XRP and XLM’s price action. This phenomenon has caught the attention of industry experts and investors alike, leading to a deeper examination of the factors driving this trend.

Ripple’s Chief Technology Officer (CTO), David Schwartz, has weighed in on this topic, addressing the liquidity aspects of XRP and XLM. However, despite the visible correlation, Schwartz argues that more liquidity is needed in the XRP/XLM market to cause a notable price correlation.

This statement is based on data from CoinmarketCap, which illustrates the parallel price movements of these two cryptocurrencies over the past year. Schwartz’s insights provoke a deeper analysis of the potential reasons behind the alignment in their price behaviors.

Unraveling The Factors Behind XRP And XLM’s Correlated Price Movements

David Schwartz has identified three key factors influencing the XRP-XLM price correlation. Firstly, he posits that the entire digital asset market is significantly interconnected.

The market is still determining cryptocurrencies’ long-term viability, so industry news tends to affect all tokens, not just specific ones. This broader market sentiment could drive the correlation observed in XRP and XLM.

Secondly, Schwartz suggests that the dominance of Bitcoin in the cryptocurrency market could play a role. Given Bitcoin’s substantial market share and its influence on liquidity within the crypto space, movements in Bitcoin’s price often result in ripple effects across other crypto, including XRP and XLM.

The third factor revolves around the crypto community’s perception that XRP and XLM require similar market conditions to thrive. However, Schwartz noted that he is “not sure if he believes this.”

Developments within the broader crypto industry could prompt parallel reactions from users of both tokens, leading to correlated price patterns.

Diverse Perspectives: From Short-Term Volatility To Long-Term Convictions

On the other hand, Bill Morgan, a lawyer and digital asset enthusiast, brings a different viewpoint, mainly focusing on XRPL token. Addressing recent market volatility, Morgan emphasizes the importance of a long-term perspective when analyzing XRP’s price action.

Responding to crypto community concerns about XRP’s performance, especially during heightened market movements, Morgan argues that convictions about the token should go “beyond short-term price fluctuations.”

Morgan’s stance is echoed by Matt, the Moon Lambo YouTube channel host, who points out that XRP’s price drop was not as severe as some in the crypto community perceived. Matt’s analysis places XRP at a moderate position among the top 50 coins by market cap in terms of gains and losses.

However, Morgan notes that the token’s performance over the past month has been lackluster, falling by over 2% despite a market-wide rally. This observation suggests that XRP’s decline was more pronounced than that of some of its peers, warranting a closer examination of its market dynamics.

XRP price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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XRP Holds Gains While Crypto Market Plummets Badly

XRP, the native token of the Ripple ecosystem, continues to hold gains despite the market downturn. The token saw an inter-week surge of up to 14.2% from $0.345 to $0.394. While it has dropped from that high, it still holds up to 2.08%. However, it trades dangerously close to its floor price for this week and might lose all its gains soon.

Its daily chart is already trending in the red zone. As of writing, XRP is down over 5% but looks on a rebounding path. The entire crypto market has faced a challenging time this week. Almost every token in the top ten market cap list was trading in the red zone. Only XRP managed to keep its gains from last week. However, its trading volume has increased in the last 24 hours, meaning traders have been active.

XRP Looks To Expand Beyond The United States

It appears that Ripple [XRP] was more interested in making progress than continuing its legal spat with the US SEC. Stuart Alderoty, Ripple’s general counsel, disclosed that most of the company’s income is no longer derived from the United States. Alderoty made the statement in an interview with CNBC on November 18.

The majority of the blockchain payment company’s profits, according to Alderoty, have come from operations outside of the United States. He also acknowledged that Ripple was actively seeking an Irish Virtual Asset Service Provider (VASP) license. Regardless of the status of the SEC case, Alderoty stated,

Effectively, Ripple is operating outside of the U.S. It is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can ‘passport’ its services throughout the European Union via an entity based there.

XRP, however, was unable to maintain positive dominance after the disclosure. At the time of publication, CoinMarketCap statistics showed that it had lost 0.76% of its previous 24-hour value. A review of the network’s performance also revealed a sharp decline. Data from the analytics website Santiment showed that XRP’s network growth has decreased to 4,264. This is far from its peak of 9,827 on November 13th. At this point, it signalled that XRP was having trouble luring fresh addresses to the network.

XRPUSD

XRP’s price currently fluctuates around $0.35. | Source: XRPUSD price chart from TradingView.com

XRP Price Analysis

The price of XRP is now $0.353, with a $2 billion 24-hour trading volume. XRP has decreased by more than 6% during the past 24 hours. With a live market cap of less than $18 billion, CoinMarketCap now ranks XRP seventh.

Over the past several days, there has been a lot of pressure on the price of XRP. The coin encountered heavy opposition around $0.3951, where it created a triple-top pattern, which increased this pressure. Additionally, it has deviated from the 25-day and 50-day moving averages, and the Relative Strength Index (RSI) has moved nearly into oversold territory.

Therefore, it is possible that the price of Ripple will keep dropping as sellers aim for a crucial support level of around $0.3100. The negative outlook will be refuted by a move over the $0.3700 resistance level.

Featured image from Pixabay and chart from TradingView.com

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XRP Trades In Red During The Market Uncertainty

SEC-battled XRP trades in the red zone despite other top coins enjoying significant gains as the crypto market finally gets some breathing space. October started out rough for top coins despite the month being known as favorable for the market. Most top coins traded in the red zone, while others, including XRP, suffered massive volatility. 

The Uptober spirit seemed to fall on XRP the day before when it recorded some gains. However, the momentum didn’t last long as XRP is now down 1.44% in the last 24 hours. There is still hope for XRP thanks to bullish news from its ongoing case with the SEC. With more firms signing up as amicus curiae, the bulls might leverage this advantage to push the XRPs price further.

XRP Trades Red Amid Rough Week

The cryptocurrency market had a rough start to the week. But while most top coins have experienced measurable turnarounds, XRP has been left behind. XRP is currently trading at $0.45, representing a decrease of about 1.44% over yesterday’s close. This adds to its rough 7-day chart that sees XRP losing almost 5.17%.

XRPs daily loss is still a sign that the bears have not given up yet. There might still be some fighting left before the end of the month. However, if there is any good news coming down the pipeline, we will see XRP continue to climb higher. 

XRP Falls Back To $0.45 Support Line

XRP tried testing new resistance lines the day before but fell back to its $0.45 support level. The coin tested $0.47 yesterday, the first time since last Thursday that it reached this level. However, it failed to break through, instead falling back to $0.45. 

XRP is currently trading around $0.46. | Source: XRPUSD price chart from TradingView.com
Resistance is Still Present Despite The Breakout Past The Trendline

Just before the time of writing, the trendline resistance (white) of the previous 10 days was broken. But the $0.45 area was a formidable zone of support and resistance in the short term. Also, the short-term structure of the market was due for a correction.

Even yet, the RSI reading has gone over 50, which indicates that the relative strength is increasing. Coincidentally, the Chaikin Money Flow (CMF) indicator has been positive for over a week. This indicated that substantial capital input was observed at lower time intervals.

On the daily chart, the market structure remained bullish. But if the market ends the day at less than $0.44, that would change. Highs for XRP between May and September were at the $0.422 mark. Thus, a return to this zone may trigger a powerful bullish reaction. However, if Bitcoin had a sharp decline below $18.6k, XRP’s value would most certainly drop below $0.42 as well. In light of this, the price of the coin may drift gradually lower, potentially reaching $0.34 in the coming weeks.

Featured image from Pixabay and chart from TradingView.com