XRP Eyes Explosive Rally: Technical Indicators Suggest Wild Price Action Ahead
There is a lot of interest in XRP right now, as seen by the fact that its open interest has increased to as high as $3.61 billion in the last day, according to CoinGlass statistics. Because traders are placing large bets on the altcoin, this gives it a bullish outlook.
According to cryptocurrency analyst Ali Martinez, Ripple’s native cryptocurrency may soon see a resurgence. According to his X post, if XRP can maintain its hold above the crucial $2 level, a 30% rise toward the upper border of the channel at $2.60 would follow. Nonetheless, there remains a chance that the altcoin may also fall to all-time lows. Since a wedge formation indicates a 70% crash or 700% surge, Ripple’s price is at a crossroads, according to CoinGape market research.
XRP Must Break $5 to Hit $17: Here’s Why July Could Be Game-Changing?
According to cryptocurrency researcher Egrag Crypto, the price of XRP may fall to $0.65 or rise to $17. This is predicated on an ascending broadening wedge that the cryptocurrency is presently building. For a strong start, XRP must first close over $3.50, the analyst said. He asserted that this formation has a better probability of materializing if the altcoin reaches the $5 level but fails to close above it with conviction. Egrag Crypto claimed that after being rejected from the $5 range, XRP needed to retest at $1.90.
The altcoin will then need to make another effort to close over $5, ideally reaching $6 and closing above that level. The analyst confirmed that if that occurs, XRP will probably soar to double digits in two to three weeks. This ascending broadening wedge‘s objective move might be $17.50. This idea is consistent with his prior prediction that the price of XRP would rise to double digits by the cycle peak on July 21.
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