Bitcoin and Ethereum are cementing support to retest crucial levels. The broader crypto market is on the rise too. Along with the altcoin market printing reasonable gains is the prominent token XRP.
The token is trading at $1.15 up by 0.8% in the last 24 hours. In the last 24 hours, XRP has ranged from a low of $1.14 to $1.20. However, it has corrected back 0.5 cents now.
XRP broke out of the descending parallel channel. $1.18 is the next important resistance level that we’ll probably retest shortly.
Making a further bullish case for XRP is popular crypto analyst Altcoin Daily host Aaron Arnold. According to him, the coin is on the verge of a huge price explosion.
He notes that on the parabolic stop and reverse (SAR) indicator, XRP is showing bullish trading indications. In the next wave of volatility, Arnold predicts a 30 percent price shift for XRP.
“XRP is on the verge of a 30% price move. XRP looks ready to spike in volatility.”
Other well-known traders have predicted a bullish trend for XRP in the foreseeable future too. DonAlt, a crypto trader in a recent tweet said, told he has been repurchasing XRP throughout the coin’s recent price drop.
According to the prominent Twitter trader, he got a 10% profit on XRP during the plunge and was giving the coin “one last chance to moon” before selling.
As for the technical indicators, the RSI flashes a neutral signal, valued at 55.7. Whereas 12 out of 15 moving averages flash a buy signal.
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