XRP, the digital asset native to Ripple Labs, has been gaining traction among cryptocurrency enthusiasts and is showing signs of a potential rally. Today, on January 7, 2024, a well-known crypto expert took to X (formerly Twitter) to share a bold prediction for XRP.
Expert Says Buy Signal for XRP
The expert pointed out that the Supertrend indicator recently flipped to a bullish signal on the 12-hour timeframe, a pattern that previously led to XRP surging by 470%. With the indicator now flashing bullish once again, the crypto community is buzzing with anticipation for another significant price spike.
However, it’s worth noting that the indicator switched during a period when XRP appeared to be stagnant and struggling to gain momentum. As of the latest update, XRP is trading around $2.41, showing a modest 0.81% increase in price over the past 24 hours. The trading volume has also seen a 10% uptick, indicating increased interest from traders and investors.
XRP Price Action and Key Levels
Technical analysis suggests that XRP has been consolidating within a narrow range of $2.37 to $2.46 for the last five days after breaking out of a bullish pennant pattern on the daily chart. If XRP manages to break above the $2.48 level and close a daily candle above it, there is a strong possibility of an 85% surge towards the $4.54 mark in the near future.
Investors and Traders Rising Interest
According to on-chain analytics firm Coinglass, both traders and long-term holders are showing a growing interest in XRP. Data from spot inflow/outflow indicates that exchanges experienced an outflow of $38.02 million worth of XRP during the consolidation phase, suggesting that long-term holders are accumulating the asset despite the price stagnation.
The outflow of assets from exchanges to long-term holders’ wallets typically signifies potential buying opportunities and positive momentum for the asset. This trend highlights the confidence that investors have in XRP’s future price movement.
In conclusion, XRP’s recent price action and investor sentiment indicate that the digital asset may be gearing up for a significant rally. With technical indicators flashing bullish signals and growing interest from traders and long-term holders, XRP could be poised for a notable price surge in the coming days. Keep an eye on key levels and market developments to stay informed about XRP’s potential upside potential.