- An analyst revealed that an “insane” bullish setup has formed on XRP’s chart.
- In the post, the analyst predicted that XRP could rise 17% before breaking out towards the upside thereafter.
- At press time, XRP’s price stood at $0.6203 following a 0.86% gain over the past 24 hours.
The cryptocurrency technical analyst Cryptoes predicted that the price of Ripple (XRP) could rise 17% in the next few days as an “insane” bullish setup has emerged on the altcoin’s chart. According to the X post published yesterday, XRP could enter into a 17% upside move before experiencing a strong bullish breakout as well.
The analyst’s bullish outlook comes after a support level on the remittance token’s chart has not been breached for 3 weeks. Meanwhile, the altcoin was able to print a slight 24-hour gain.
Data from the cryptocurrency market tracking website CoinMarketCap showed that XRP’s price had risen 0.86% throughout the past day of trading. As a result of this latest increase in price, XRP was trading hands at $0.6203 at press time. This daily gain was, however, not enough to flip XRP’s weekly performance, which remained in the red at -0.13%.
Technical indicators on XRP’s daily chart suggested that its price may continue to rise in the next few days. Most notably, an ascending triangle has emerged on the cryptocurrency’s chart. In addition to this, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators were also flagging bullish.
Buyers had gained the upper hand against sellers over the past 24 hours, as the RSI line crossed above the RSI Simple Moving Average (SMA) line during this period. Meanwhile, the MACD line was looking to cross above the MACD Signal line at press time. These two lines intersecting could indicate a continuation of XRP’s bullish trend.
If these technical flags are validated, the altcoin could flip the $0.6235 resistance level into support. Thereafter, a daily candle close above this barrier may lead to XRP rising to as high as $0.68 in the short term. On the other hand, a rejection from the $0.6235 resistance level could be followed by XRP dropping to the $0.5730 support level.
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