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- XRP nears critical support line, suggesting a significant potential rally.
- Technical indicators signal a bullish trend; whale moves 80M XRP.
According to the most recent research by cryptocurrency analyst Cryptobilbuwoo0 via X, XRP is about to have a big upward surge.
A thorough chart analysis highlighting important technical indicators and historical patterns contrasts XRP against the whole cryptocurrency market cap, therefore highlighting this potential.
#xrp #Ripple #total
Looking at the XRP/Total chart, XRP has always risen significantly from the rebound line. Indicators are also calling the bulls. XRP always moves alone like a maverick. XRP’s showtime begins.
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♾ https://t.co/2Tw8xRJoIU pic.twitter.com/qRZb97AbzL— (X)=chi (R)esurrected (P)=rho (@Cryptobilbuwoo0) June 18, 2024
XRP Price Poised to “Bounce”
Starting from its top in early 2018, a declining trendline is visible on the XRP/Total chart. Given its steady decline and progressively lower highs over the past several years, XRP has obviously followed a bearish path.
Cryptobilbuwoo0’s research includes the “Bounce Back Line,” a horizontal support line that has traditionally served as a reversal point for XRP price activity. Remarkably, when XRP crosses this line multiple times, there are spectacular rebounds.
In the most recent encounter with the “Bounce Back Line,” for example, on December 28, 2020, XRP shot up more than 1,100%, from $0.18 to $2.
Comparably, in less than ten months, on February 27, 2017, XRP rose from slightly under $0.02 to $3.35. Now that XRP is getting close to this crucial support level once more, historical patterns are pointing to another big rise.
Current Market Data
As of right now, CoinMarketCap data show that the price of XRP is at $0.5009, having slightly decreased by 0.26% during the previous day. Over the previous seven days, XRP has nevertheless remained positive, rising by 3.17%.
Going further into the study, Cryptobilbuwoo0 looks at the Wavetrend Indicator (WT Krypt) and the Relative Strength Index (RSI).
Currently reaching the oversold area, the 14-day RSI is getting close to 31. This level has historically indicated either a buying opportunity or a trend reversal; it frequently corresponds with the “Bounce Back Line” and causes significant increases in price.
Wavetrend Indicator Insights
The Wavetrend Indicator confirms the positive prediction for XRP even more. When XRP hits new lows without the indicator following, these are known as bullish divergences and point to a slowing down of downward momentum.
Furthermore, it is usually considered a bullish entry signal, suggesting possible higher price movement, when the wavetrend lines intersect recently (red crossing over blue).
Relatedly, CNF just disclosed substantial whale activity, with 80 million XRP being transferred to exchanges. This big transfer might change the dynamics of the market for XRP, which would affect its price movement even more.
