Over the recent weeks, XRP has experienced a gradual uptrend. Although there hasn’t been a significant drop in its price, there hasn’t been a substantial increase either.
During the last two weeks, XRP has shown a 5.2% growth and a 2.3% increase in the past week. However, in the most recent day, XRP has witnessed a slight price dip.
Despite this, a technical analysis of XRP’s chart indicates a potential surge towards $0.66 if crucial support levels remain robust.
Positive Technical Indicators
The technical analysis of XRP’s chart paints a bullish picture, suggesting a possible rise to $0.66. This optimistic scenario is contingent on XRP’s ability to maintain the support level around $0.52.
For a better understanding, on the 4-hour chart, XRP has been moving sideways, forming an ascending channel pattern. This pattern usually signals a bullish trend, especially if the asset breaks above it.
With the ascending channel formation on the 4-hour chart, XRP could potentially reach $0.66 once it breaches and closes above the upper boundary at the $0.56 level. Sustaining a price above the lower boundary at $0.52 is vital for this upward momentum.
The ascending channel pattern is a common occurrence in technical analysis, indicating a bullish trajectory as long as the price remains within its boundaries.
A solid candle closing above the upper boundary confirms the bullish momentum, increasing the probability of further gains. Upholding the $0.52 level is crucial for sustaining this positive trend.
Fundamental Analysis of XRP
From a fundamental standpoint, XRP’s market indicators display promising signals. The Relative Strength Index (RSI), currently at 60, acts as a momentum indicator to gauge asset overbought or oversold conditions.
A reading of 60 on the RSI signifies a neutral position for the Ripple token, indicating a good balance between overbought and oversold. This neutral status suggests potential for further price growth without entering an overbought territory that could trigger a reversal.
Another critical metric influencing XRP’s market sentiment is its active addresses, reflecting retail interest in the coin. Santiment data revealed a surge in active addresses to over 250,000 in early August.
Although the number has slightly declined to range between 190,000 and 199,000 in recent weeks, it still indicates robust retail engagement, depicting a consistent market interest.