If all things go according to plan, XRP, the sixth-largest cryptocurrency by market value, may see increases of 20%.
The falling wedge pattern in which XRP is now trading signals that a price reversal is about to occur, but the size of the breakout is still uncertain. At the time of writing, XRP has increased slightly over the previous day to $0.47. Except for Binance’s BNB token, which is marginally up, XRP is the only top-ten cryptocurrency that continues to be in the green.
XRP has seen a roughly 68% increase in trading activity over the past day, totaling $637 million in transactions. This is happening as traders stake bets on XRP’s future movements.
Twitter trader “CoinsKid” points out significant resistance on the weekly XRP chart that has historically produced gains. The trader pointed out that $0.31 has finally turned into support and gave a target price of $0.55 as the price makes an attempt to rise.
With respect to its current price of $0.47, this is a change of about 20%. In a different tweet, “Coinkid” asserts that XRP might advance to $0.69 at the very least if it overcomes the barrier at $0.56.
Indicators hint at positivity
According to Santiment numbers cited by cryptocurrency analyst Ali, whales have bought 1.1 billion XRP since February, totaling about $570 million. Whale purchasing is still seen in XRP, which signals increased accumulation.
Santiment, an on-chain analytics company, reports that XRP is seeing a significant increase in social dominance at the start of the week after observing an increase in discussion early Monday. It goes on to state that generally speaking, when traders talk more about an asset when its price is declining, there is a greater chance that the price will increase in order to counteract FUD and shorts.
Santiment made a remark over the weekend that XRP is seeing a very large volume of selling at lower levels, raising the likelihood of bounces.
