XRP Price Continues to Surge – Will This Trend Persist?

XRP has once again emerged as a top performer in the cryptocurrency market, following the recent price surges.

XRP surged over 30% on the weekly chart, reaching a three-month peak of around $0.57.

Investors are optimistic about XRP’s future, anticipating further gains. Many believe that the current rally has just begun (or is atleast far from over) and compare it to the 2017 bull run when XRP skyrocketed from less than $0.01 to nearly $2.30 in a year, marking a 38,000% increase.

Some even make extremely bullish predictions, such as a potential surge to $20, based on the Bollinger band metric (tightened bands historically preceded significant price movements).

🚀 $XRP is absolutely going to $20! The recent explosive breakout above the upper Bollinger Band confirms it. 🌕 With this kind of momentum, it’s not a question of if, but when. Get ready for liftoff! #Crypto #XRP #Investing pic.twitter.com/8aAx2TFyYv

— Armando Pantoja (@_TallGuyTycoon) July 15, 2024

The 1-day technical analysis from TradingView also reflects the market’s bullish santiment toward XRP. The summary and moving averages point to “strong buy” at 10 and 14 signals, respectively, while oscilators show “buy” with 2 signals.

According to data from CoinGlass, during the past 24 hours $5.06 million were liquidated from the XRP market ($1.67 million in longs and $3.39 in shorts).

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The Relative Strength Index (RSI) recently spiked above 83, signaling overbought conditions last seen in November 2023. An RSI above 70 typically suggests a potential pullback, although the current RSI sits in neutral territory around 60.

At the time of writing XRP is trading at $0.5676 after an 8% surge in the past 24 hours with $2.69 billion in volume. The altcoin’s price jumped by 4.65% in the past hour alone, signaling for further upward potential.

Alexander Stefanov