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Highlights
- A symmetrical triangle pattern in the weekly chart carries the long-term sideways trend for the XRP coin.
- A renewed investor interest as XRP hovers above crucial support signals a potential reversal in the near term.
- The intraday trading volume in the XRP is $2.24 Billion, indicating a 44% gain.
XRP Price Prediction: On Tuesday, the cryptocurrency market witnessed another wave of selling pressure as Bitcoin plunged to a monthly low of $34000. The bearish momentum quickly spread to the altcoin market as top assets like Ethereum and Binance Coin (BNB) recorded 3%, while Solana (SOL) and Cardano (ADA) posted over 5%. Amid the downfall, the XRP price shows notable resilience with a long-rejection daily candle sustaining above multi-year support.
Also Read: Rollblock, Solana, and Ripple’s Price Set to Surge as Bitcoin Records a Rally in Price
XRP Price Prediction: Investor Optimism Fuels XRP Inflows to $1.1 Million
The XRP token in the past two months has showcased moderate volatility in line with broader market consolidation. However, unlike most of the major cryptocurrencies which recorded notable corrections in June, the XRP price remained sideways above $0.46.
An analysis of the broader market context shows that the support trendline for XRP, established since March 2020, has effectively helped stabilize the price and mitigate deeper corrections. Recently, with a resurgence of investor interest, the XRP rebounded from $0.46, achieving a 7.56% increase to its current trading price of $0.492.
In a recent report by CoinShares, digital asset fund flows for week 24 of 2024 reveal a total outflow of $600 million across various digital assets. Bitcoin faced the largest outflows, amounting to $621 million, while Ethereum and XRP stood out with positive inflows.
Digital Asset Fund Flows by Asset for week 24!
* Total outflows of $ 600 Mio.
* Largest outflows in #Bitcoin with $ 621 Mio.
* Largest inflows in #Ethereum with $ 13,1 Mio.
* Other Altcoins: #XRP with largest inflows of $ 1,1 Mio. pic.twitter.com/TRwk1ztn1Z— Lucky177654 (@sigi_gauner) June 18, 2024
Ethereum led the inflow charts with $13.1 million, and XRP followed suit with notable inflows of $1.1 million, the highest among other altcoins. This influx of capital into XRP funds signifies a growing optimism among investors.
Also Read: XRP Price Faces Turbulence Near $0.5 As Whales Shuffle 80M Coins, What’s Next?
The market sentiment surrounding the Ripple vs. SEC lawsuit has seen a significant shift, driven by the SEC’s recent decision to lower its proposed settlement offer from $2 billion to $102.6 million. This development has sparked optimism among investors and the broader crypto community, as it suggests a potential resolution may be closer than anticipated.
Amid recent positive changes, the price of XRP is hovering above a crucial multi-year support level defined by a triangle pattern. This positioning increases the potential for a major market reversal.
A breakout above the overhead resistance (marked by a black trendline) could potentially trigger a 30% upswing, targeting the key resistance level marked by a blue trendline.
Escaping the triangle pattern will end XRP’s 5-year-long accumulation and bolster buyers to lead a rally above $2.
Technical Indicator:
- EMAs: A bearish alignment between daily Exponential Moving Average (20, 50, 100, and 200) highlights the overhead pressure against the XRP rally is aggressive,
- Relative Strength Index: The daily RSI slope turned down from the 50% midline indicating the market sentiment remains bearish.
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