Key Takeaways
- XRP will see an upcoming price rise according to certain analysts. There is incumbent buying pressure for XRP in the market now as market buy trades are high compared to the sell trades.
- Both the spot and futures markets have started betting based on anticipated price rises.
- The price rise is confirmed by the Double Bottom/Ascending Triangle pattern on the XRP price charts.
The rising volume of XRP in the spot trading market is signaling an upcoming price rise according to certain analysts. With the legal dispute between Ripple and the US SEC coming to an end, the demand for XRP in the market has skyrocketed. The token will see a similar parabolic price rally as the one that happened in January when the price hit an all-time high of $3.40. There is incumbent buying pressure for XRP in the market now as market buy trades are high compared to the sell trades. Data also show that the XRP futures market has started speculative trading on an anticipated price rise for the token.
From its current price of $2.40, the price of XRP is expected to rise to $3.54 in one month. The technical analysis data for the token shows neutral trends, which makes XRP a good purchase option. The long-term price performance of the token is constructive with XRP showing the potential to rise above $5 in the coming years.
Astounding Price Rise Expected For XRP
Some analysts are hopeful that XRP has the potential for a rise upto $38. The current price action along with its bullish technical analysis trends validate the chances of this outlook materializing soon. XRP’s price chart shows a bullish breakout. This will lead to XRP’s price rising to a level of that in 2017 and 2018 or above.
XRP’s price rise to the above level has created a frenzy among cryptocurrency enthusiasts. The fact that the legal battle between Ripple and SEC has ended will surely benefit Ripple’s token purchase. It has also surged in trading volume, recording over 25% to $7.6 billion. On top of that, XRP Futures Open Interest jumped by 15% to $3.76 billion, which indicates that more traders are betting on the coin’s future prospects.
The price rise is confirmed by the Double Bottom/Ascending Triangle pattern on the XRP price charts. The price will rise in a matter of time. So, investors should be mindful of the time taken for the price rise and wait patiently for the price hike to materialize. XRP is gaining more investor interest from high-profile cryptocurrency exchanges that are creating bets on XRP’s future price.
The Double Bottom Pattern And The Ascending Triangle Patterns
The Double Bottom/Ascending Triangle pattern on the XRP price charts indicates a breakoff from the 7-year-old price pattern that XRP was following. This pattern is famous for the price explosion that it has caused to XRP before. The same pattern will be followed here too.
The double-bottom pattern is a bullish reversal pattern that appears after a downtrend, characterized by two consecutive lows of similar depth, with a rise in between forming a “W” shape. It shows a significant uptrend after a downtrend. An ascending triangle pattern is a bullish continuation pattern characterized by a horizontal resistance line and a rising support line (connecting higher lows). It signifies that the uptrend is there to stay for long after a brief period of consolidation.
As per the price charts of XRP, the price has already crossed the estimated resistance level of $1.00 several times. The ascending triangle pattern on the XRP price charts is characterized by higher lows and a consistent resistance level. If the ascending triangle breakout happens, the price rise will continue with the next resistance levels being at $5 and $10.
The Bottom Line
XRP is emerging as a profitable investment in the coming years due to its bullish outlook. As the expected price rise consolidates it will emerge as a cryptocurrency at par with the dominant market makers such as Bitcoin and Ethereum. Investors should watch out for the price performance of XRP and devise strategies to leverage the most about its price prediction.