Get Ready: XRP Could Hit $40 Soon – Analyst Highlights Major Bullish Setup
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The price of XRP has fallen by 1% today, with its slip to $0.5328 coming as the crypto market as a whole loses 1.5% in the past 24 hours.
XRP is now down by 4% in a week and by 6.5% in a month, although the seventh-biggest cryptocurrency in the market remains up by 11% in the past year.
This may be modest performance in relation to other major tokens (e.g. BTC is up by 120% in a year), yet it creates the conditions for XRP to have a big compensatory rally in the coming months.
And some analysts are now predicting massive gains for XRP, with some setting targets as high as $40 for the coin.
XRP’s indicators are now in such an oversold position that a rebound should be on the cards.
After plunging below 70 over the weekend, XRP’s relative strength index (purple) has begun rising to 50, for instance.
This may signal a recovery in momentum, with the coin’s 30-period moving average (orange) also looking like it should begin climbing over the 200-period average (blue) very soon.
In other words, both indicators have been suppressed for so long that an improvement in fortune should be coming soon, with XRP’s support (green) and resistance (red) levels – which will hit each other very soon – also lending credence to this idea.
What’s interesting is that some whales have begun accumulating XRP again, taking advantage of its relatively low price.
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