February 8, 2023
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Bitcoin

Is XRP Price Gearing Up For Massive Rally? Here’s What To Expect

The post Is XRP Price Gearing Up For Massive Rally? Here’s What To Expect appeared first on Coinpedia Fintech News

As all of the leading cryptocurrencies are now experiencing gains, the cryptocurrency market is producing short-term trading ideas that have the potential to trigger a wider trend reversal in the weeks to come.

Traders are focusing their attention on the XRP price as a result of the bulls’ achievement of a dramatic trend shift on smaller timescales. Following the discovery of resistance from the 8-day exponential and 21-day simple moving averages on January 11, the digital remittance token increased in value by 6%. In spite of penetrating numerous resistance levels in the span of only one day, the present upward rise has continued unabated.

At the time of writing, the price of XRP is $0.388977, representing an increase of 3.2% over the course of the last 24 hours and of 12.6% over the course of the past seven days. Moreover, over the course of the last twenty-four hours, there was a 57% increase in the token’s trading volume.

XRP Price Prediction

The price of XRP has rebounded after hitting the support level of $0.37 on its chart, despite the fact that volume has been falling. Traders have a chance of seeing the rate near the resistance level the next day if the correction continues to the center of the channel before the conclusion of the trading day.

Yet again, the price of XRP attempted to break over the barrier of resistance located around $0.3780, but it was unsuccessful. When seen from a weekly perspective, the price level of $0.3889 in XRP is quite significant. If the bar manages to close higher than it, the price may continue to climb until it reaches the zone of resistance at $0.40 before the end of the month.

Regardless, the steady rise in XRP trading volume in tandem with the rising price is a positive sign of actual upward market activity. This suggests that a bullish trend in XRP might emerge and gain traction, with high-cap investors perhaps backing the bulls in an effort to confront weakly-positioned bearish in the market.

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