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XRP Ledger

XRP Price Is Ready For A Bullish Push Higher, Analyst Says

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the general decline around the cryptocurrency market, the XRP price has been observed by analysts as one of the crypto assets that is ready for a breakout, which will send its price on an upward trend.

XRP To See A Pullback Before Going Higher

One of the crypto analysts who has made positive predictions for XRP is Matthew Dixon, the Chief Executive Officer (CEO) of the crypto ratings platform Evai. The CEO shared his bold projections with the crypto community on the social media platform X (formerly Twitter).

Related Reading: Crypto Analyst Gives Timeline For Parabolic Breakout For XRP Price, Here’s When

Matthew Dixon believes that the financial situation of the token will soon improve. According to him, there may be a brief decline in the value of XRP before it picks up steam and rises higher. 

Dixon’s X post was accompanied by a chart of the digital asset to emphasize his latest forecast, further unveiling a narrative of resiliency and possibility. The price looks to be consolidating after a period of volatility, which often indicates that a major price move is about to take place.

XRP
XRP ready for a push higher | Source: Matthew Dixon on X

Dixon highlighted that the price will fall to about $0.5250 before attempting to go past the $0.54 price mark while using the 1-hour timeframe chart. Achieving that fresh level might lay the stage for more profits in the upcoming days.

One important aspect to note is how the Relative Strength Index (RSI), which predicts shifts in price and momentum, is favorable to the XRP price. As seen in the chart, the indicator shows that the crypto asset’s RSI is below the overbought area.

This placement implies that there is space to move upward without worrying about going overboard too soon. With this observation, there is hope once again for traders and investors who are optimistic about the token.

This is because, since the beginning of the year, XRP’s price has been volatile. Over the weekend, the coin fell from $0.62 to a new annual low of $0.5, sending negative speculations among the crypto community.

It Is Never Too Late To Purchase The Token

Despite the correction, Bitrue, a Singapore-based crypto exchange, has made an exciting claim regarding XRP. According to the platform, “It is never too late” to invest in the digital asset.

Related Reading: Is The XRP Price Action Something You Should Worry About? Legal Expert Chimes In

With this statement, Bitrue has urged the community to take into account the present price and increase their holdings before it goes higher. Although the claim may seem appealing, there might be a negative undertone.

In response to the claim, several members of the community have agreed with the platform. They stressed that the fact that the price is still stable makes Bitrue’s analysis true.

XRP was trading at $0.5256 as of the time of writing, indicating a 0.95% decrease in the past 24 hours. Data from CoinMarketCap shows that its daily trading volume is currently up by almost 60% in the past day.

XRP
XRP trading at $0.5261 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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