XRP Anticipates 59% Price Surge

• Technical indicators such as MACD flips and RSI divergences suggest XRP’s potential to outperform the broader crypto market, echoing previous bull run scenarios observed in 2017 and 2021.
• XRP has outshined major cryptocurrencies, including Bitcoin, on South Korea’s Upbit exchange, recording a 22.16% increase in trading volume within 24 hours.

Ripple’s native cryptocurrency XRP has shown major strength outperforming the rest of the altcoins and jumping more than 30% over the past week. The XRP technical indicators show that the altcoin is showing major strength, especially the MACD flip and RSI divergence hints at clear outperformance against the broader crypto market.

Popular crypto analyst Blockchain Backer points out a major weekly bearish divergence for the broader crypto market with XRP at crucial resistance levels. This technical setup has specifically led to XRP outperforming during the crypto market bull runs of 2017 and 2021.

After reaching historical extremes, a massive weekly bearish divergence showed up for TOTAL vs XRPUSD right at resistance. MACD hit the historical extreme, and flipped aggressively. When these events occurred in 2017 and 2021, XRP outperformed. And it seems to be in motion. https://t.co/1m4tIZ3k31 pic.twitter.com/7eJYT7UbPV

— Blockchain Backer (@BCBacker) July 16, 2024

The analyst’s chart highlights a critical resistance level in the broader crypto market against XRP, as indicated by the black horizontal line. Historically, this level has posed significant challenges to price movements.

Additionally, the Relative Strength Index (RSI) shows a pronounced weekly bearish divergence for the broader market compared to XRP. This divergence occurs when new market highs are accompanied by lower RSI highs, suggesting a weakening momentum. Such divergences often precede notable price corrections or trend reversals.

XRP MACD and RSI Indicators

XRP’s Moving Average Convergence Divergence (MACD) has recently reached a historical extreme and swiftly flipped from bullish to bearish, reported CNF. This signals a potential trend reversal in the broader market relative to XRP, as depicted in the lower chart.

Examining historical patterns highlighted by green rectangles in the chart from 2017 and 2021 reveals similar technical setups. During these periods, XRP saw significant price increases following such setups. This historical precedent suggests that XRP could be on the verge of another period of outperformance if the current technical setup mirrors past trends.

Additionally, the Stochastic RSI indicates overbought conditions for the broader market, supporting the possibility of a short-term bearish reversal. However, these conditions have historically been followed by substantial bullish runs for XRP once the broader market corrects.

During the bullish phase of 2017, XRP surged by an extraordinary 43,000%, soaring from $0.0065 to $2.80. In 2021, it posted a notable 791% increase, climbing from $0.22 to $1.96. Given XRP’s current price of $0.60, a resurgence akin to 2017 could potentially propel it to around $258, while following the 2021 pattern might see it reaching approximately $5.35.

As of press time, the XRP price is facing some selling pressure trading 6.38% down at $0.56 and a market cap of $32.2 billion. As per the CNF update, the Ripple whale activity has also shot up significantly.

Outperforming Bitcoin on Upbit

In the past 24 hours, Ripple-associated cryptocurrency XRP has garnered significant bullish sentiment, notably outperforming several prominent digital assets including Bitcoin on South Korea’s leading exchange Upbit.

According to data from CoinGecko, the XRP/KRW trading pair has shown impressive performance compared to Bitcoin, Shiba Inu, Ethereum, and other digital asset pairs on Upbit. Over the last day, XRP/KRW has surged by 22.16% in trading volume, amounting to $405.7 million.

In contrast, BTC/KRW has seen a more modest 14.26% increase in trading volume, totaling $261 million during the same period. The SHIB/KRW pair experienced a 4.8% rise in trading volume, significantly lower than XRP’s trading volume, which is approximately three times higher. Additionally, the Ripple futures market is showing major bullish action ahead, noted CNF.

Recommended for you: