XRP Price Breakout Archives

23rd April 2024

XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4

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).

XRP

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.

XRP

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

27th January 2024

Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

Following Bitcoin’s spot exchange-traded fund (ETF) approval on January 11, market speculation has grown around the possibility of similar investment vehicles for major cryptocurrencies, including a spot XRP ETF. However, certain requirements and regulatory considerations must be met before such a development can occur.

Regulatory Prerequisites For Spot XRP ETF

FOX reporter Eleanor Terret clarifies the matter, stating that launching an XRP spot ETF would first require the establishment of a futures ETF.

In the case of Bitcoin, the approval of spot ETFs was conditional upon the Securities and Exchange Commission (SEC) concluding that the Chicago Mercantile Exchange (CME) Bitcoin futures market provided sufficient surveillance against fraud and manipulation.

Terret suggests that for XRP to have a spot ETF, a futures ETF must first be established, marking a step in the right direction.

Bloomberg ETF expert James Seyffart shares a similar sentiment, stating that he does not anticipate an XRP ETF launching this year. Seyffart cites the ongoing SEC case against Ripple as a factor influencing his stance, suggesting that an XRP ETF is more likely to emerge once the regulatory matter is resolved.

Seyffart adds that XRP futures trading on a regulated platform like the Chicago Mercantile Exchange would be a prerequisite for the SEC to consider any applications for a spot XRP ETF. Seyffart hints that an XRP futures ETF could also be advantageous in this context.

The SEC has maintained a cautious approach towards spot ETFs involving crypto assets due to concerns about potential market manipulation. Seyffart emphasizes that the availability of XRP futures trading on a regulated platform, such as the CME, would provide a favorable framework for the SEC’s consideration of a spot XRP ETF, especially given previous court rulings highlighting the correlation between futures and spot markets.

Amidst the ongoing speculation, blockchain firm Ripple seems to be preparing for potential involvement in the ETF space.

A recent job advertisement posted on Ripple’s website reveals their search for a Senior Manager in business Development, with a focus on institutional decentralized finance (DeFi). The role includes spearheading cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.

XRP’s Future Potential – From $0.5299 To $27?

Crypto market analyst EGRAG crypto has conducted a comprehensive price analysis of the XRP token. Despite peaking in 2023, when the price reached a high of $0.9376 on July 13, the token has retraced more than 15% since the start of 2024 to a current trading price of $0.5299.

However, according to EGRAG, the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement.

The analysis focuses on three price levels: $3.5, $6.5, and $27. Based on previous instances (labeled A, B, and C), EGRAG extrapolates potential future price movements using the same percentage increases observed in the past.

XRP ETF

The first potential scenario is a significant price surge to $27, representing a massive 4500% increase. This prediction is based on a similar percentage move observed in the past (from previous instance A), seen in the chart above.

The second scenario suggests a more conservative projection, with XRP potentially experiencing a solid 1000% increase to $6.5. This projection is based on historical patterns observed in previous instance B.

In the third scenario, EGRAG anticipates a significant 500% rise in XRP’s price, reaching $3.5. Based on previous instance C, this projection indicates a significant upward movement for the token.

Whether the XRP token can successfully surpass the upper resistance levels that have impeded its rise to the $0.600 mark since late December remains to be seen.

Additionally, the market eagerly awaits a catalyst that could prompt a breakthrough in XRP’s seven-month downtrend structure, potentially resulting in a price surge above $0.700.

XRP ETF

Featured image from Shutterstock, chart from TradingView.com

27th January 2024

Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target

Regulatory Prerequisites For Spot XRP ETF

FOX reporter Eleanor Terret clarifies the matter, stating that launching an XRP spot ETF would first require the establishment of a futures ETF.

Terret suggests that for XRP to have a spot ETF, a futures ETF must first be established, marking a step in the right direction.

Amidst the ongoing speculation, blockchain firm Ripple seems to be preparing for potential involvement in the ETF space.

XRP’s Future Potential – From $0.5299 To $27?

However, according to EGRAG, the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement.

XRP ETF

In the third scenario, EGRAG anticipates a significant 500% rise in XRP’s price, reaching $3.5. Based on previous instance C, this projection indicates a significant upward movement for the token.

Whether the XRP token can successfully surpass the upper resistance levels that have impeded its rise to the $0.600 mark since late December remains to be seen.

Additionally, the market eagerly awaits a catalyst that could prompt a breakthrough in XRP’s seven-month downtrend structure, potentially resulting in a price surge above $0.700.

XRP ETF

Featured image from Shutterstock, chart from TradingView.com

4th January 2024

XRP Price Gears Up For ‘Significant Upswing Soon’: Crypto Analyst

The XRP price fell sharply yesterday as a result of Bitcoin’s flash crash, as did the entire altcoin market. The price briefly fell by 21% yesterday, plummeting from around $0.64 to $0.505. Although the price was still able to recover above the 200-day exponential moving average (EMA) in the 1-day chart at $0.5712 by daily close, it is still down around 10% compared to yesterday’s high.

Nevertheless, crypto analyst Egrag Crypto remains bullish and was able to take some good out of yesterday’s crash. In his latest analysis of the 1-day XRP/USD chart, Egrag highlighted that the XRP price is in a preparation phase for an upswing. Egrag’s chart presented on X provides insights into the XRP’s current position and potential future movements.

XRP price analysis

XRP Price Gearing Up For An Upswing Soon?

Egrag’s analysis starts by revisiting the August scenario where XRP touched the lower boundary of its ascending channel amidst a massive liquidation in the crypto space amounting to $1 billion. Fast-forwarding to the present, XRP is once again at this critical juncture with a similar scale of liquidation occurring yesterday.

“Now, after five months, it’s revisiting that zone with another aggressive $1 billion liquidation,” Egrag notes. Remarkably, the XRP bulls defended once again the lower trendline of the ascending channel which was established in May last year.

The XRP bulls‘ steadfast buying represents a strong bullish signal, particularly as they have maintained the price above the so-called “Val Hell Line” at approximately $0.55. Egrag identified this line as the most crucial support line.

A fall below this level with the daily candle close could have signaled the beginning of a downward trend. But despite the market’s upheaval, Egrag highlights the bullish sentiment by noting, “Surprisingly, the XRP bulls have staunchly defended this channel, buying into the dip as if there’s no stopping them.”

Moreover, Egrag emphasized that another retest was pretty “standard market behavior” within the broader context. He views this retest as a potential consolidation phase, potentially building up to an upswing. “The bulls managed to triumph over the Val Hell Line, avoiding a daily candle close below it,” Egrag remarked.

Price Levels To Watch

Egrag’s chart also features Fibonacci retracement levels, particularly highlighting the 0.702 level at about $1.1096 and the 0.5 level at approximately $0.7529. Traders traditionally use these levels to gauge potential support and resistance zones, and Egrag’s chart indicates that these levels are important to monitor for the XRP price action.

The 0.702 Fib level could remarkably coincide with a breakout from the trend channel if the price reaches the level between April and May. In conclusion, the crypto analyst confidently states, “Personally, I’m increasingly confident that we’re gearing up for a significant upswing very soon. #XRPArmy, keeping an eye on the broader channel perspective keeps me calm and steady, cool and ready.”

At press time, XRP traded at $0.5791.

XRP price