Why is XRP Up Today: Top Ripple Price Predictions to Watch

Check out why XRP might be poised for a bull run in the near future (according to some analysts).

Jun 18, 2024 - 14:50
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Why is XRP Up Today: Top Ripple Price Predictions to Watch

TL;DR

  • Ripple’s XRP defied negative market conditions, rising 1% in the past 24 hours and 3% over the week, outperforming BTC, ETH, and BNB.
  • Analysts see potential for a significant XRP bull run, with some predicting prices between $0.75 and $20, supported by technical patterns and historical market performance.

The Top Performer

Ripple’s XRP has defied the negative market conditions in the past 24 hours, with its price registering a mere 1% rise and surpassing the $0.50 mark. Moreover, it is up 3% on a weekly scale, outperforming Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), which dipped by approximately 3% for the same time frame.

XRP Price
XRP Price, Source: CoinGecko

Multiple analysts highlighted the slight resurgence, claiming this could be the start of an exponential bull run. The X user World of Charts noted a “breaking falling wedge with strong volume,” expecting a possible move towards $0.75 in the following days.

This technical pattern is formed by two converging descending trend lines. It usually occurs after a prolonged downtrend, signaling potential exhaustion of the selling pressure. 

Dark Defender and JAVON MARKS were much more bullish. The former believes XRP could explode to $18 should it repeat its performance from years ago, while the latter envisioned a rally to over $20.

“Prices are currently maintaining its Coil pattern and is giving almost every bullish signal within this pattern to forecast a massive bullish breakout while at support,” JAVON MARKS claimed.

Crypto Tony chipped in, too, promising to enter the ecosystem as an investor if XRP’s price surges above $0.56.

Previous Predictions

Last week, the X user EGRAG CRYPTO touched upon the Relative Strength Index (RSI), which reached low points over the last several days, to suggest that XRP might be gearing for an ascent.

The technical analysis tool varies from 0 to 100, with a ratio above 70 hinting about a price correction. Currently, the RSI stands at 57, rising above the aforementioned level only twice this month (so far).

Matthew Dixon also gave his two cents, predicting a price decline in the event of surging inflation in the United States. However, the US Bureau of Labor Statistics released its latest report on June 12, showing that the rate came lower than expected for May. XRP spiked to almost $0.50 but plunged the following days after the Federal Reserve kept interest rates unchanged.

The post Why is XRP Up Today: Top Ripple Price Predictions to Watch appeared first on CryptoPotato.

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