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XRP, the sixth largest cryptocurrency by market capitalization, might be prepping for 20% gains if all conditions align.
XRP is trading within a falling wedge pattern, which suggests an imminent price reversal, but the extent of the breakout remains unknown. At the time of writing, XRP was marginally up in the last 24 hours to $0.47. Save Binance's BNB token, which is slightly up, XRP remains the only crypto asset among the top 10 that sustains in green.
XRP's trading volume is up nearly 68% in the last 24 hours, with $637 million worth of trades. This is as traders make bets on XRP's upcoming moves.
#xrp - Weekly— CoinsKid (@Coins_Kid) July 9, 2023
The annoying green line eventually became support. I remember it well because it never felt like it would get through it 🤬
Will we see the annoying red line become support? 🤬
2020 #dxy ☠️ #xrp 🚀
2023 #dxy ☠️ xrp 😱 pic.twitter.com/9n4zZOGb4N
Twitter trader "CoinsKid" highlights key support on the XRP weekly chart that historically resulted in gains. The trader noted that $0.31 has eventually become support, while highlighting a target of $0.55 as the price attempts an upward move.
Taken from its current price of $0.47, this represents a nearly 20% move. In another tweet, "Coinkid" predicts that if XRP takes out the resistance at $0.56, it could run to $0.69 at a minimum.
Indicators hint at positivity
Crypto expert Ali reported that 1.1 billion XRP, worth around $570 million, have been purchased by whales since February, citing Santiment statistics. XRP continues to see whale buying, which suggests increasing accumulation.
On-chain analytics firm Santiment notes that XRP is seeing a big spike in social dominance at the beginning of the week after noticing a rise in discussion early Monday. It continues by saying that, in general, when traders talk more about an asset while its price is falling, it raises the likelihood that the price will climb to cancel out FUD and shorts.
Over the weekend, Santiment noted that XRP is seeing a particularly high amount of selling at lower prices, increasing the chances of bounces.