The overall cryptocurrency market is in a downturn, but key metrics are flashing that the XRP price is set to skyrocket. In the past week, XRP has experienced a massive price drop of over 12% potentially due to the bearish market sentiment and the recent decline in Bitcoin (BTC).
XRP’s Bullish Signals
The current data including a descending trendline breakout, bullish Divergence, token inflow on exchanges, exchange reserve, and price action, indicate a bullish outlook for XRP despite the bearish market sentiment.
Expert Bullish Outlook for XRP
Besides these data, experts are also speculating a bullish outlook for XRP. Recently, a crypto expert made a post on X (previously Twitter) that XRP will start skyrocketing within the next 30 days. Additionally, he also noted that currently there’s still an opportunity to accumulate the token below $1.
He also predicted that by November and December, XRP will reach $3, and by 2025, there is also a possibility of an XRP Exchange Traded Fund (ETF). However, he concluded by adding “The next six months will be explosive for XRP.”
XRP Technical Analysis and Upcoming Levels
According to the expert technical analysis, XRP looks bullish. It has experienced a breakout of a descending trendline in a four-hour time frame and is currently moving above the crucial support level of $0.555. Additionally, on a higher time frame (Daily), it is in an uptrend as it is trading above the 200 Exponential Moving Average (EMA).
However, the technical indicator named Relative Strength Index (RSI) flashes a bullish divergence that suggests a trend reversal from a downtrend to an uptrend. In recent days, the XRP price has been forming a lower low while the RSI has been making higher lows. Traders and investors view this as a potential buy signal.
Since July 2024, XRP has revisited this support level multiple times, and each time it has experienced an upside rally of 12% to the $0.635 level. There may be a similar rally in the XRP price this time.
Bullish On-Chain Metrics
Meanwhile, XRP’s on-chain metrics support this bullish outlook. CryptoQuant’s XRP exchange inflow is currently at its lowest level, indicating a potential buying opportunity.
Additionally, the exchange reserve is also at a low level, suggesting that investors are currently accumulating tokens at these lower prices.
XRP Price Performance
At press time, XRP is trading near $0.566 and has experienced a price surge of over 1.3% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 65% during the same period, indicating higher participation from traders and investors amid a bullish outlook.
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