Bullish Momentum in XRP Price
The XRP coin has shown strong bullish sentiment over the past week, with its price surpassing the $0.60 mark. This represents a significant 15% increase in the last 24 hours and a notable 40% gain on the weekly chart. Speculation around the imminent resolution of the SEC’s case with Ripple has been a driving factor behind this positive price action.
Growing Optimism Among XRP Holders
Santiment, an on-chain analytics platform, has highlighted the increasing number of whale XRP holders (those holding over 100,000 tokens) as a sign of growing optimism in the market. According to Santiment, the trend of supply accumulation for XRP started to shift positively from August of last year. This trend has further bolstered investor confidence in the digital asset.
XRP’s Path Ahead: Retesting Key Resistance Levels
As XRP’s price edges closer to the bearish trend line at $0.66, investors are watching closely to see if history will repeat itself. In the past, the $0.66 barrier has posed challenges for XRP, causing price retracements after failed attempts to break through. Should XRP struggle to surpass this level, a potential pullback to $0.51 for support is on the cards, with further downside risk to $0.38 by the end of July.
On the other hand, a successful breach of the $0.66 resistance could propel XRP towards the next hurdle at $0.74 by next week. Breaking through this level could pave the way for a surge to $0.94 and possibly even reach highs of $1.21, as per analysts’ predictions.
Technical Outlook and Momentum Indicators
From a technical standpoint, the Relative Strength Index (RSI) for XRP is currently on the rise and approaching overbought levels. With the RSI at 59.39, there is still room for further upward movement in the short term before potentially hitting overbought territory. Experts believe that a continued uptrend in the RSI could fuel XRP’s momentum, potentially pushing it past the $0.66 barrier and setting the stage for new price highs in the coming weeks.
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