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- Analysts predict further bullish outcomes for XRP, with key levels to watch.
- Whale Alert detects significant XRP movement, indicating a long-term holding strategy.
CRYPTOWZRD, a popular cryptocurrency analyst, has revealed his daily technical outlook for the XRP price. According to the analyst, XRP closed positive, and additional bullish outcomes are expected from this position. Also, the XRPBTC pair is projected to gain control soon.
XRP Daily Technical Outlook:$XRP closed bullish and we should see a further bullish outcome from the current location although XRPBTC should take more control soon. Our current trade is secured I will be looking to get the next trade 😈 pic.twitter.com/cWXnlhv6Jn
— CRYPTOWZRD (@cryptoWZRD_) August 7, 2024
Key Trendlines and Targets Highlight XRP Bullish Potential
The shared chart shows the XRP price bouncing off a mapped trendline, coinciding with the crypto market’s recent resurgence. Naturally, the $0.5 level will be a key mark to watch, as the bullish potential for Ripple’s coin remains high as long as it remains above this level.
CRYPTOWZRD also has two rally targets, at $0.65 and $0.73 levels. If attained, these levels will propel XRP’s price to a new short-term higher high.
Previously, CNF reported that XRP’s price would jump to $1 following a closed-door meeting between the SEC and Ripple, if resulted in a favorable outcome for the company.
Furthermore, we revealed that VanEck earlier projected that the price of XRP would jump to $25 per coin if Bitcoin reached $2.9 million per unit. On the other side, Whale Alert has identified a large movement. A total of 23,373,078 XRP ($12,101,882) was moved from Binance to an unknown wallet.
Outflows from exchange wallets can be seen as an attempt to hold for the long term, sometimes known as hodling. Meanwhile, at the time of writing, XRP is trading at $0.5165, up 1.95% over the last 24 hours, with a market cap close to $29 billion.
The present price movement and trend analysis point to sustained upward momentum, assuming that market circumstances stay good and external forces do not interrupt the ongoing recovery.
