XRP Price Prediction: 18% Rally on the Horizon?
- The XRP price prediction suggests a potential 18% upside rally, with the asset reaching the $2.70 level.
- The sudden spike in XRP’s open interest (OI) indicates strong potential momentum, with market participants bracing for a decisive move.
As crypto market sentiment appears to recover, XRP price prediction has become a go-to topic for enthusiasts who stay up to date with the market. Amid this, experts and whales have been making bold predictions, with some sharing a bullish outlook while others remain bearish.
Current Price Momentum
At press time, XRP was trading near $2.25 and had registered a modest 2% price surge over the past 24 hours. During this period, traders and investors showed strong interest in the token, resulting in a 10% increase in trading volume.
This surge in trading volume alongside the asset’s price increase indicates strong upside momentum and is a bullish sign for XRP holders.
Experts’ Bold Prediction
Recently, a well-followed crypto expert shared a post on X (formerly Twitter) and speculated that the XRP price could hit $5 within the next 24 hours.
However, this bold XRP price prediction appears to be unachievable, as it would require the asset to soar by 120%. Given the current market structure, such a notable rally seems challenging.
Not only that, another crypto expert recently posted that the XRP price is on the verge of crashing by 20%, but this prediction appears to be failing. The reason is the formation of a bullish price action pattern on the daily chart.
XRP Price Action and Technical Analysis
According to expert technical analysis, the XRP price prediction suggests that the asset is on the verge of an 18% rally due to a potential bullish breakout.
On the daily timeframe, XRP has formed a bullish falling wedge pattern. This pattern emerged during the recent dip, when the XRP price declined by 20%.
XRPUSDT Daily Chart | Source: Trading View
XRP Price Prediction
Based on recent price action, a bullish rally could occur only if the pattern breaks and XRP closes a daily candle above the $2.28 level. If this happens, the XRP price prediction suggests a potential 18% upside rally, with the price possibly reaching the $2.70 level.
On the other hand, the XRP price prediction could turn bearish or remain sideways if the asset fails to break out and continues to consolidate.
Despite the recent market dip, XRP remains in an uptrend, as its price continues to trade above the 200-day Exponential Moving Average (EMA).
The 200-day EMA is a technical indicator that helps traders and investors make informed decisions based on whether the asset is in an uptrend or downtrend.
Meanwhile, XRP’s Relative Strength Index (RSI) currently stands at 47, indicating neutral momentum but showing signs of building strength. As the price hovers near a key resistance level, it hints at a potential bullish breakout if buying pressure continues to increase.
Bitget CMO’s Bullish View on XRP
As a bullish outlook emerges for XRP, the asset’s open interest (OI) has surged to nearly $5 billion, indicating that traders hold sizable positions in the derivatives market, says Bitget Chief Market Officer Ryann Lee.
“This spike suggests strong potential momentum, with market participants bracing for a decisive move,” he further added.
Traders’ $63 Million Worth of Bullish Bets
Besides expert bullish commentary, traders have been strongly betting on the bullish side, as revealed by the on-chain analytics tool Coinglass.
Data reveals that traders are currently over-leveraged at the $2.14 level on the lower side and the $2.30 level on the upper side. At these levels, they have built long positions worth $62.88 million and short positions worth $25.81 million over the past 24 hours.
XRP Exchange Liquidation Map | Source: Coinglass
These trader positions make it clear that bulls are currently dominating and appear to be supporting a shift in XRP’s price sentiment.
