XRP has seen a slight dip in its value over the recent days, aligning with a period of consolidation in the broader cryptocurrency market following four consecutive weeks of price surges.
While current data from CoinMarketCap indicates a 1.78% increase in XRP’s value over the last 24 hours, a broader seven-day perspective reveals an 8.68% decrease. Despite this, key metrics such as open interest on futures contracts and a bullish divergence with the RSI suggest the potential for a substantial upswing in the token’s value in the near future.
Renowned crypto analyst Will Taylor, also known as Cryptoinsightsuk on social media, has identified bullish momentum indicators for XRP, hinting at a potential price surge to $1.35. Taylor highlighted two crucial metrics on platform X, emphasizing their significance in predicting a bullish market trend.
According to Taylor, exchange data reveals an addition of over $100 million in open interest on futures contracts to the XRP ecosystem on the day of false information circulating about BlackRock’s XRP ETF filing. Despite a subsequent drop in XRP’s price spike, Taylor notes that the open interest has remained relatively stable, suggesting significant short trade positions on XRP.
Analyzing the provided price chart, Taylor pointed out the formation of lower highs and lower lows by XRP, with the recent bounce-up approaching the descending upper trendline. Breaking above this trendline could mark the beginning of an uptrend for XRP, potentially prompting traders to cover or close their short positions, triggering a more aggressive market breakout.
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Additionally, Taylor highlighted a bullish divergence with the RSI, noting a higher low in XRP’s price. This divergence suggests that bulls are poised to regain control of the market, indicating weakening bearish momentum. Taylor predicts that XRP could reach the target range of $0.89 to $1.35.
While Cryptoinsightsuk initially set a daily countdown for an XRP price blast-off to $1.06, the anticipated event has not occurred yet. Despite the delay, Taylor remains confident in the inevitability of the predicted surge, stating, “I was wrong on the date, but this is inevitable, I feel.”
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