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Highlights
- XRP has reached its highest level in seven years after breaking out of a seven-month consolidation range.
- A breakout from a bull flag pattern also signals that a 480% surge to $17 is likely.
- XRP's daily active addresses have surged by 41% in the last 24 hours to 82,000.
XRP price is dropping today as the broader cryptocurrency market slips, with traders booking profits over the weekend. As of July 19, XRP was trading at $3.45, a notable drop from its 24-hour high of $3.53. Despite this drop, a technical bullish structure remained intact, suggesting that a 480% surge to $17 was close to happening.
XRP Price Gears for 480% Rally to $17
Retail traders are shifting towards XRP to avoid missing out on the ongoing rally, and the resulting surge in buying pressure has allowed the price to gain above the resistance of a bull flag. Based on the height of the flag pole in this pattern, the XRP price might register a rally of more than 480% in the coming months that pushes it above $17 if retail buyers do not reach a point of exhaustion.
The rally that is beginning above the resistance of this bullish flag seems strong based on the ADX indicator, which is changing its course to tip north following a drastic drop in the last six months. This indicator is now showing that the rise in price might continue and could result in a 480% increase to $17.
Additionally, the rising RSI also shows that buying pressure is higher than the selling pressure, and this might support another rally, considering that the value of 69 shows that a bullish momentum is currently in play.
This bullish XRP price forecast depicted above comes amid growing speculation that the GENIUS Act will fuel gains for XRP. The positive change in US crypto regulations that is expected to happen in the coming months might be among the factors that drive the next bullish run for this altcoin.
XRP Active Addresses Surge, Open Interest Peaks
The number of daily XRP addresses has increased over the last 48 hours, indicating a significant surge in investor interest that could translate into buying pressure and drive a recovery. According to Santiment data, these addresses increased from 58,000 to 88,000 within two days.
This surging demand is also in the open interest metric, which is now above $1o billion according to data from Coinglass. This open interest has increased significantly, as the funding rate also rises, to show that traders who are speculating on the future performance are opening new positions as bullish predictions on XRP price emerge.
In conclusion, the XRP price rally might still be in its early stages despite the recent rally to the highest level in seven years. The rally pushed XRP out of resistance in a bull flag pattern, and as the level of interest in this altcoin increases, it is possible that the price rallies to $17.
Frequently Asked Questions (FAQs)
1. Can XRP price reach $17?
2. Can XRP sustain its rally?
3. What is the impact of rising active addresses on XRP’s performance?
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