- The coin showed a great bull move from its support level.
The coin’s price is between its 50 EMA (the blueline) and 200 EMA(the green line). This means that there are chances that we may soon see a Golden Crossover on the daily chart.
XRP on daily time frame
On the daily chart a horizontal line can be seen. This line shows that the coin has shown a strong resistance at these levels. The price of the coin has come several times at these levels but was unable to break it. Therefore if the coin breaks these levels this time, there are chances that we may see a rally upside to its next nearby resistance, that is, $0.51039.
MACD – The MACD signal’s bullish crossover which demonstrates that XRP has gathered strength on the daily chart. The bullish crossover of the indicator shows that there are more bulls than bears.
Analyst views and expectations
The coin looks like a good investment option for short-term investors at present. There is one more resistance level upside after the present resistance level. Therefore if the coin surpasses that resistance level too then the coin will show a great bull rally and at that time long-term investors can look forward to investing. Moreover if a Golden Crossover takes place by that time then it would be one more positive sign for investors.
According to WalletInvestor XRP coin price might drop to $0.241 by the end of December 2023. By the end of 2025, the price of XRP might increase to $0.0441.
Based on past data, DigitalCoinPrice forecasted a growth rate for the XRP price for 2023 and beyond with an average of $0.77 in 2023 and $0.98 in 2024. By 2030, the average price of XRP may potentially reach $3.99, according to the study.
In its XRP price estimate for 2030, PricePrediction provided one of the most upbeat predictions, predicting that cryptocurrency is expected to be valued at $8.10 in that year.
PricePrediction estimates that based on its artificial intelligence-assisted price analysis, the cryptocurrency might trade at an average of $11.21 in 2031 up from $1.23 in 2025.
Technical Levels
Major resistance -$0.53729
Major support -$0.31427
Conclusion
The coin could be a good investment option for long-term investors as soon as Golden Crossover takes place on the chart.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/01/26/is-xrp-on-the-verge-of-a-bull-run-a-technical-analysis/