TLDR
- XRP’s price has shown strong recovery, surging by 7.14% over the past 24 hours and 6.29% the previous night.
- Technical analysis suggests a potential breakout above the $0.64321 level, with analysts predicting a possible surge to $1 or even $1.20.
- XRP derivatives data shows increasing volume (up 136%) and open interest (up 10.78%), indicating growing bullish momentum.
- Multiple bullish indicators have appeared, including green Heikin Ashi candles, green Ichimoku Clouds, and a golden cross by the relative strength index (RSI).
- The crypto expert Dark Defender predicts XRP could reach $0.6649 and potentially hit $0.9327 in the coming weeks.
The cryptocurrency market has witnessed a notable uptick in the last day, with Ripple’s XRP emerging as one of the top performers. As of August 20, 2024, XRP has demonstrated impressive gains, sparking optimism among investors and analysts alike.
Over the past 24 hours, XRP has surged by 7.14%, including an intraday gain of 2%, following a 6.29% increase the previous night. This creates two consecutive bullish candles, completing a rounding-bottom reversal from the 50% Fibonacci level and 50-day Exponential Moving Average (EMA) at $0.54998.
Technical analysis of the XRP daily chart reveals a strong recovery rally in motion. The trendline breakout marks the beginning of an uptrend and establishes a support trendline. In the short term, the XRP price action forms an inverted head-and-shoulder pattern, with the neckline coinciding with the 78.60% Fibonacci level at $0.64321.
The likelihood of a bullish breakout increases as the recovery nears this neckline. Supporting this potential breakout is the golden crossover of the 50-day and 200-day EMAs, further strengthening the bullish trend.
The Moving Average Convergence Divergence (MACD) indicator shows a positive crossover, indicating increasing bullish momentum.
XRP’s derivatives market is also showing strong signs of bullish sentiment. According to data from Coinglass, the XRP derivatives volume has skyrocketed by 136%, while open interest is up by 10.78%.
The confidence in top traders on Binance is increasing, as evidenced by the XRP/USDT pair analysis. Based on accounts, the long/short ratio is at 1.264, and based on positions, it’s at 1.5201, indicating that bulls are starting to dominate the XRP price in the derivative market.
Several analysts have made positive Ripple price predictions. The pseudonymous crypto expert Dark Defender shared observations on social media platform X, highlighting that XRP had touched the Fibonacci zone of 61.80% at $0.6044 and was attempting to break at this point.
The analyst expects XRP to reach $0.6649 and potentially hit $0.9327 in the coming weeks.
Hi all. #XRP touched the fibonacci zone of 61.80% at $0.6044 & trying to break here.
Heikin Ashi candles are bullish & Green
RSI has golden cross & Green
Ichimoku Clouds are Green.Shortly
we expect to touch $0.6649 then $0.9327!
(NFA) pic.twitter.com/PaVQU3JL4r— Dark Defender (@DefendDark) August 20, 2024
Dark Defender’s analysis is based on multiple bullish indicators, including green Heikin Ashi candles, green Ichimoku Clouds, and a golden cross by the relative strength index (RSI).
The expert’s chart suggests that the expected price target of $0.93 for XRP could happen towards the end of August or the beginning of September, provided that the positive momentum sustains.
Other analysts are even more optimistic, with some predicting that XRP could reach the psychological $1 mark or even surge to $1.20. A breakout above the 78.60% Fibonacci level at $0.64321 would open the door for a new 52-week high, potentially surpassing $0.72 and targeting the $1 mark at the 1.618% Fibonacci level.
It’s worth noting that the silence from the United States Securities and Exchange Commission (SEC) regarding the possibility of an appeal to the recent court decision in the lawsuit against Ripple could also act as a bullish influence on XRP’s price.
As of press time, XRP was trading at $0.60985, representing an increase of 4.90% in the last 24 hours and accumulating a 3.09% gain over the month.
