- Bollinger Bands, Trendline Channel, and Williams%R all support XRP’s upward trend, pointing to more potential growth.
- Despite bearish sentiment, technical analysis suggests XRP could still reach $10-$20 in this cycle.
XRP is causing investor excitement as MikyBull Crypto, a notable crypto analyst, predicts that the token will reach the $10-$20 level during the current market cycle. Despite the current adverse sentiment, this estimate indicates that XRP might still provide outstanding returns, providing a possible surge that may surprise skeptics.
$XRP might hit $10-$20 this cycle.
The amount of bearish sentiment around this asset makes it possible to pull such returns. pic.twitter.com/BqPbynnwIY
— Mikybull 🐂Crypto (@MikybullCrypto) September 28, 2024
Technical Analysis Signals Bullish Potential for XRP Future Growth
MikyBull supported this bullish outlook by sharing a technical analysis that included Bollinger Bands, which follow XRP’s price volatility, and a Trendline Channel, which suggests the formation of a bullish trend.
Furthermore, the Williams%R indicator indicates that XRP’s price still has potential to rise, as it has not yet entered the overbought zone. These factors speak to a good future for the cryptocurrency, implying that it will continue to gain in the following weeks.
As of writing, XRP is trading at about $0.6288, up 7.28% over the last seven days. This recent price movement highlights the asset’s durability and potential for additional growth, which aligns with the positive attitude expressed by analysts such as MikyBull.
Beside that, major investors have taken note of this surge, with Whale Alert—a tool that tracks huge crypto transfers—reporting a massive movement of 31 million XRP, valued at around $19.22 million, from the Upbit wallet to an unknowed wallet. This big transfer suggests a HODLing strategy, in which tokens are likely held for mid- to long-term investment.
This is not the first time that XRP has demonstrated such promise. According to CNF, previous analysis has emphasized the asset’s price movement, tracing it above a six-year symmetrical triangle pattern, as well as lesser triangles that suggest the formation of fresh all-time highs.
These trends have historically been important in anticipating XRP’s future trajectory, and current indicators point to continued rising momentum.
On the other hand, Garanti BBVA, Turkey’s second-largest bank, just integrated XRP Ripple and Arbitrum (ARB) into their mobile banking application, lending credence to XRP’s rise. As CNF previously reported, Garanti BBVA was able to expand its crypto offering as a result of this strategic change.
