- Crypto analysts Leb Crypto and Hov are bullish on XRP’s potential.
- Recent market activity and technical indicators suggest XRP may be poised for further growth.
- A potential retracement to $0.47 could be a crucial test for the bullish trend.
Crypto analysts are predicting a bullish future for XRP, citing recent market activity and technical indicators as signs of potential gains in the coming months. Crypto analysts Leb Crypto and Hov have both shared optimistic assessments, highlighting key price levels and patterns that suggest XRP may be poised for further growth.
Leb Crypto’s analysis of XRP/USD on the Bitstamp exchange from 2014 to mid-2024 reveals a notable breakout above the point of control (POC) at $0.60954. The monthly price chart illustrates a range low of approximately $0.17552, a POC around $0.60954, and a range high near $1.96143.
This recent breakout above the POC suggests a strong bullish trend, with a bullish flag pattern indicating further upward potential. Increased trading activity during price surges, as seen in the volume bars, reinforces the current bullish sentiment.
Leb Crypto also noted XRP’s relative strength on lower timeframes (LTFs). If Bitcoin (BTC) remains range-bound, XRP could potentially reach $0.64, aligning with ongoing patterns and suggesting further gains if current trends persist.
Similarly, crypto analyst Hov reported a 66% increase in XRP’s performance from their entry level, highlighting a shift from a three-wave move to a more promising impulse pattern.
However, Hov cautioned about a potential retracement to the $0.47 level, which could be a crucial test for the bullish trend. The presence of a bearish count remains a concern, emphasizing the importance of the $0.47 level for maintaining upward momentum.
As of press time, XRP was priced at $0.5985 with a trading volume of $2.34 billion on the last day. This represents an increase of 1.09% in the past 24 hours and an increase of 11.46% over the last week.
Leb Crypto and Hov offer a cautiously optimistic view of XRP’s potential. With recent indicators and market data pointing to a bullish trend, XRP may continue to attract attention from traders and investors in the coming months.
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