Crypto analyst Dark Defender has shared an extremely bullish technical analysis on XRP via X, suggesting a bullish reversal and the possibility of “God Candles.” The analysis uses a variety of technical indicators and chart patterns to project an optimistic outlook for XRP. XRP Price Poised For ‘God Candles’? The core of Dark Defender’s (@DefendDark) analysis is focused at two indicators which suggest a change of trend. The first one is the breakout above a descending trendline. This move is critical as it means that XRP eliminated its first key resistance and suggests a potential reversal from the downward trend which started in mid-March. It is particularly noteworthy as it indicates a shift in market sentiment from bearish to bullish. Supporting this trend reversal is the Fisher Transform indicator, which is crucial for identifying major price reversals. The Fisher Transform uses price data to produce a Gaussian normal distribution to signal potential changes in market direction. Related Reading: XRP Resilience Sparks Further Gains As Price Surpasses $0.466 Level On the weekly chart, a ‘Golden Cross’ is visible where the faster line of the Fisher Transform crosses above the slower line, typically a bullish signal in market analysis. This event is essential as it provides confirmation of the trend reversal signaled by the breakout from the descending trendline. “Ladies & gentlemen, XRP had the highly bullish Reversal approval for the Fisher Indicator weekly. Initial resistance instantly broke at $0.4623!” the crypto analyst remarked. However, it’s important to note that the digital asset is still navigating below the Ichimoku Cloud, indicating that resistance still lies ahead. The Ichimoku Cloud is a comprehensive indicator that provides insight into the momentum and future areas of support and resistance. Related Reading: XRP Price Eyes Colossal 280% Breakout Amid CME Group Partnership While the breakout from the descending trendline and the bullish Fisher Transform signal are promising, the price remaining below the Cloud suggests that XRP has yet to clear all hurdles and establish a stronger bullish presence. Additionally, the chart also details several key Fibonacci levels that are critical for understanding the next potential resistance and support zones. After breaking the initial resistance at $0.4623, XRP is currently testing the interim Fibonacci level at $0.5286. Dark Defender emphasizes the significance of the price closing above this level to sustain the bullish momentum: “Our interim Fibonacci Level, $0.5286, is being tested. It would be great to close this week’s candle above $0.53.” Notably, the XRP price didn’t manage to close the week above this price. Despite that, XRP is currently continuing the upward trend, trading above $0.53 today. The next resistance point to level is at $0.6044. Surpassing this level could lead to the creation of multiple “God Candles,” suggesting a rapid and sustained increase in price. Dark Defender remarked, “Next week, we will test the secondary mid-level resistance of $0.6044. It’s crucial not to underestimate the master fundamental level for XRP, which is $0.6649. Above it, we can expect multiple God Candles, which will open the path to Heaven’s Stairway.” At press time, XRP traded at $0.53494. Featured image created with DALL·E, chart from TradingView.com
The XRP price has outperformed its peers among the top ten largest cryptocurrencies on the market, experiencing a significant surge of 13.5% in the past week alone after experiencing a sustained decline from its yearly high of $0.745 in March. With an eye on a key Fibonacci level, the eighth largest cryptocurrency by market capitalization, currently valued at $26 billion, is poised for a potential price explosion that could send the XRP price to new yearly highs, coupled with a bullish announcement surrounding the token’s rise since Thursday. XRP Becomes Bridge Asset In $1.2 Trillion Market CoinGecko data shows a notable increase of 50% in trading volume over the past few days, demonstrating the renewed bullish sentiment surrounding the XRP price, along with a significant collaboration announcement with the world’s largest derivatives marketplace, CME Group, which has further strengthened XRP’s position in the market. Related Reading: Litecoin Is A Hub Of Whales: Over $2.85 Billion Of $100,000 Transactions Processed On Thursday, CME Group made a major announcement, revealing that starting July 29, the CME and XRP dollar reference rates and real-time indices will be included in its suite of benchmarks, positioning the token as a bridge asset in a market worth approximately $1.2 trillion. The XRP price has benefited from this announcement, as transparent pricing information is likely to increase liquidity, making it easier for investors to buy and sell XRP tokens, resulting in the current price surge of 4% witnessed in the 24-hour time frame. Additionally, this collaboration may open new doors for creating financial products, such as futures and options based on XRP, providing holders with additional ways to manage risks and maximize their investments. Brad Garlinghouse, CEO of blockchain payments company Ripple, which is closely associated with XRP, expressed his enthusiasm for the collaboration, emphasizing the importance of having a trusted benchmark reference rate as a critical step in adopting institutional crypto products. Garlinghouse praised the joint effort between CME Group and CFBenchmarks to create an XRP index, noting that the market has validated the need for such initiatives. Ripple’s CEO stated: First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see CME Group and CF Benchmarks collaborate on this for an XRP index. The market has spoken. XRP Price Eyes $1.8 In addition to the news, technical analysis points to further upside for the XRP price if certain conditions are met. Crypto analyst Dark Defender recently noted in a social media post that XRP is testing the $0.462 Fibonacci level, which is key to the token’s prospects and expectations for the continuation of the uptrend. The analyst also spotted two bullish divergences in the price and the Relative Strength Index (RSI) numbers as they made higher lows on the weekly XRP/USD chart. This led Dark Defender to believe that if the XRP price breaks and consolidates above this level from today until Sunday, the cryptocurrency could begin a journey towards the $1.88 level, representing a 288% price increase from the current trading level of $0.465. Related Reading: Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH Featured image from DALL-E, chart from TradingView.com
In an analysis shared via X and YouTube, crypto analyst Matt “The Great Mattsby” Hughes highlighted what could be a historic move for the XRP price, based on the Bollinger Bands indicator. Hughes points to an impending squeeze in XRP’s monthly Bollinger Bands, suggesting a potential spike similar to previous rallies where the cryptocurrency saw massive gains. Hughes explained via X: “XRP has one of the tightest monthly Bollinger Band squeezes in its history and in all of crypto right now. The last time it squeezed like that, it shot up 60,000%.” In a YouTube video, the crypto analyst went into more detail, explaining how the XRP price has behaved in the past when the Bollinger Bands have been this tight. XRP Could Skyrocket To $250 The first instance, according to Hughes, occurred between September 2016 and March 2017. During this period, the XRP price consolidated for several months, causing the Bollinger Bands to tighten dramatically. After this period of consolidation, the XRP price skyrocketed, achieving gains that Hughes estimates to be around 60,000%. The second time was from December 2020 to April 2021. In this case, XRP rose by around 1,000%. “So it was much less than this period here and simply because it looks like it wasn’t as tight as it was right here [the first time], we can see it was much tighter during the first time,” Hughes explained. Related Reading: Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance This is the third time. Notably, “is the tightest it has ever been, even tighter than the first time, which suggests that it should explode much higher than previous cycles,” he said. The Bollinger Bands are a technical analysis tool defined by a set of trendlines two standard deviations (positive and negative) away from a simple moving average (SMA) of a security’s price, but can be adjusted to suit the user’s preferences. A narrowing of these bands typically indicates low volatility with the potential for a major bullish or bearish price movement once the bands begin to widen again. Hughes also examines the duration from the all-time high to the current price, noting that 2,373 days have elapsed. This long period of relative inactivity in price growth, combined with the extreme tightness of the Bollinger Bands, forms the basis of his prediction of an imminent significant move higher. “It’s the tightest in its history as well so that just kind of proves to me that there is going to be a move sometime in the near future. I’m not sure when but sometime, we can see that this is looking more and more like it wants to break out,” Hughes remarked. Related Reading: Crypto Analyst Predicts XRP Price Crash To $0.07 Amid Triangle Breakdown In addition to the technical perspective, he also discussed XRP’s price performance relative to its 20-month moving average. He notes that, similar to previous patterns, XRP has spent a considerable amount of time below this moving average prior to significant rallies. In both previous instances, XRP’s breakout was preceded by a period below this moving average, followed by a breakout that began after testing the bottom of the Bollinger Band. Notably, the price of XRP hasn’t yet tested the bottom of the Bollinger band. Therefore, Hughes speculates about a potential price drop as a “final flush out”, possibly down to the $0.30 area before a potential breakout. Such a move would be in line with previous cycles where a test of the lower Bollinger Band has led to strong rallies. “So there is a possibility that the price could come down to test it. Maybe one last flush out maybe down into the $0.30s, we don’t know but if that’s the case then that’s just more confluence of the previous cycles that price can still just break out,” he concluded. By the way, if history were to repeat itself and XRP were to increase by 62,000%, it would reach a price of $250. At press time, XRP traded at $0.44574. Featured image created with DALL·E, chart from TradingView.com
Crypto analyst @Ripple_Effect11 predicts an imminent XRP price crash in a new technical analysis shared via X. His prediction is underpinned by a bearish breakout from a major triangle pattern that has been forming since the $3.84 all-time high on January 4, 2018. The analysis paints a dark picture for XRP in the coming months, with a potential drop to as low as $0.07, contingent on certain technical events. Why The XRP Price Could Crash To $0.07 Elliott Wave Theory, which forms the basis of @Ripple_Effect11’s analysis, is a form of technical analysis that predicts future price movements by identifying recurring wave patterns linked to investor psychology. The theory posits that market movements primarily unfold in five ‘impulse’ waves followed by three ‘corrective’ waves. In the case of XRP, the analyst identifies that the cryptocurrency has been in a corrective phase since its peak in 2018, marked by an A-B-C correction pattern. Wave A saw a sharp decline as low as $0.105 in March 2020. Wave B experienced a partial retracement upwards to $1.96 in April 2021. Wave C, where XRP is currently, is typically the final leg and involves another downward move, often completing the corrective phase. Related Reading: XRP Holds Bullish 2014-2017 Pattern Unless This Happens: Analyst The analysis suggests that within this final Wave C, XRP is undergoing its sub-waves. It’s currently in the third wave which traditionally is significant in terms of the depth and length of the price movement. Notably, the chart also shows a large triangle formation which has encapsulated the price action of XRP over several years. A triangle in technical analysis often represents a period of consolidation before the price breaks out decisively in one direction. According to @Ripple_Effect11, last week’s close below $0.42 confirmed a bearish breakout from this pattern and further supports the theory of a massive price crash. “No one is talking about this MASSIVE XRP triangle breakdown. A weekly close below $0.42 is extremely bearish,” he stated. Related Reading: Buy The Dip? XRP Whales Doing Exactly That – Is A Price Rally Next? The analyst’s first target is at $0.33 where minor psychological support may exist. A second, more significant target at $0.18, which could represent a firmer historical support zone. The third target ranges between $0.12 and $0.14, possibly acting as interim support before more substantial selling. This price represents the end of the third wave. Amidst the fourth wave, the crypto analyst predicts that the XRP price could rebound above $0.18 before the final wave 5 pushes XRP even further down. The final target is between $0.07 and $0.08, translating into a more than 80% crash from the current price level. These targets are corroborated by technical indicators on the chart. The MACD is trending below its signal line, highlighting bearish momentum. The RSI is near 45, suggesting a lack of strong buying pressure and potential for further decline. Ripple Ruling Could Start The Trend Reversal Adding context to the technical analysis is the ongoing Ripple vs. SEC lawsuit, which the analyst notes is expected to conclude by July 2026. The outcome of the legal battle is anticipated to have significant implications for the XRP price. “Smart money sees buy targets 3 and 4 as attractive before the big utility pump from 2026 to 2030. Ripple Vs SEC started in 2020. XRP was classified as NOT a security in 2023. Ripple wins the case and XRP pumps hard 2026. Will you be patient?,” the crypto analyst concludes. At press time, XRP traded at $0.43448. Featured image from Shutterstock, chart form TradingView.com
The latest chart analysis by crypto analyst @Cryptobilbuwoo0, published via X, offers a compelling narrative for XRP’s potential upward trajectory when juxtaposed against the total cryptocurrency market capitalization. The analyst emphasizes key technical indicators and historical patterns, suggesting that XRP might be on the brink of a significant bullish phase. XRP Price Poised To “Bounce” The XRP/Total chart primarily illustrates a descending trajectory that began forming from its early 2018 peak. This overarching downtrend is marked by successive lower highs that articulate a consistent descending trendline. Moreover, @Cryptobilbuwoo0 highlights the ‘Bounce Back Line,’ a horizontal support line that has historically acted as a crucial reversal point for the XRP price action. The chart shows several instances where the price of XRP, upon reaching this line, has rebounded dramatically. Related Reading: Crypto Analyst Predicts XRP Price Will Rally 102,590% To $500, But There’s A Catch The last instance of XRP interacting with the “Bounce Back Line” was on December 28, 2020. Following this touchpoint, the price soared over 1,100%, climbing from $0.18 to $2. Earlier, on February 27, 2017, XRP escalated from just under $0.02 to $3.35 within 10 months. Currently, XRP is once again nearing the “Bounce Back Line.” Given the historic outcomes following support from this level, the analyst predicts another significant rally may be on the horizon. The chart analysis further deepens with a nuanced look at the Relative Strength Index (RSI) and the Wavetrend Indicator (WT Krypt), which are pivotal to understanding the market’s momentum and potential reversals. The 14-day RSI is currently nearing 31, approaching the oversold territory which historically signals a buying opportunity or a trend reversal. This is evident in the past markings on the chart, where similar RSI levels have coincided with the “Bounce Back Line” and substantial upward price movements. The Wavetrend Indicator, used for spotting the start and end of cycles in the cryptocurrency’s price, has shown several bullish signs. Bullish divergences have been a critical focus, occurring when the price of XRP makes new lows while the indicator does not follow suit, suggesting a decrease in downward momentum. Moreover, the recent crossover of the Wavetrend lines (red crossing over blue) is typically interpreted as a bullish entry signal, indicating potential upward price movement. Related Reading: XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips In addition to the primary indicators, the analyst has annotated the chart with past price actions and highlighted areas and patterns, such as bullish divergences. These annotations serve to emphasize significant trading zones and anticipated trend shifts based on historical data. The marked sections of the chart indicate that each time similar conditions were met, there followed a significant increase in the XRP price, reinforcing the bullish outlook presented in the current analysis. @Cryptobilbuwoo0’s analysis suggests that XRP, currently positioned at a historically significant price level and supported by bullish indicator signals, is poised for a potential breakout. This outlook is bolstered by the RSI nearing oversold conditions and the positive signals from the Wavetrend Indicator. If the historical pattern repeats, the crypto asset could see a substantial rally, affirming the analyst’s perspective: Looking at the XRP/Total chart, XRP has always risen significantly from the rebound line. Indicators are also calling the bulls. XRP always moves alone like a maverick. XRP’s showtime begins. At press time, XRP traded at $0.49. Featured image created with DALL·E, chart from TradingView.com
As a recent Messari report outlined, the XRP Ledger (XRPL) showcased notable progress during the first quarter of 2024. The decentralized public blockchain, which facilitates the transfer of XRP, fiat currencies, and other digital assets, has demonstrated substantial activity. XRP Ledger Burn Rate Slows Amid Low Fees During Q1 2024, XRP, the native token of the XRPL, secured its position as the sixth largest cryptocurrency by market capitalization, reaching $34.1 billion (currently $29M). Despite a slight price decrease, XRP’s circulating market cap witnessed a 1.3% growth quarter-over-quarter (QoQ). Related Reading: Forget Fear, Embrace Greed? Bitcoin Soars As Sentiment Turns Red Hot The XRPL employs a deflationary mechanism by systematically burning transaction fees. This process exerts downward pressure on the total supply of XRP, which stands at 100 billion tokens. Since the inception of the XRP Ledger, approximately 12 million XRP have been burned. However, the low burn rate during Q1 can be attributed to the network’s relatively low transaction fees (less than $0.002 per transaction). Additionally, 1 billion XRP is released from escrow to Ripple each month, with any unutilized tokens being placed into new escrow contracts. This pattern will continue until the remaining approximately 45 billion XRP becomes liquid; at this point, the deflationary pressure from burned fees will be the primary variable affecting supply. While XRP’s price decreased marginally 0.1% QoQ, lagging behind the overall crypto market’s 63.0% increase, it rose 14.8% year over year (YoY). Inscription-Fueled Transactions Propel XRPL Daily Payments The report highlights that revenue in the XRPL is measured as total fees collected by the network, which are subsequently burned, contributing to the redistribution of wealth from transaction fee spenders to XRP holders. Network activity showed significant growth, with active addresses and transactions increasing by 37% and 113% QoQ, respectively. A substantial portion of transaction activity on the XRPL stemmed from inscriptions, a transaction type popularized in early 2023. Over 30 million transactions were sent to a single account by approximately 45,000 accounts engaged in inscription-related activities. According to Messari, inscriptions, facilitated by XRP Script, played a key role in driving the surge in daily payments, which soared 350% QoQ to 2 million transactions. Related Reading: $2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed? Lastly, the report notes that the XRP Ledger blockchain witnessed a net increase of 150,000 accounts, driving the total number of accounts up by 3.1% to 5.15 million in Q1. However, new addresses decreased 12.4% QoQ to 183,000, primarily due to the high number of addresses created in Q4, coinciding with the inception of inscription activity. As of press time, XRP is valued at $0.5279, down 2.5% in the past 24 hours and 3.5% in the past seven days, which is in line with the broader market trend. Featured image from Shutterstock, chart from TradingView.com
In an exchange on X, Ripple‘s Chief Technology Officer (CTO), David Schwartz, also known as JoelKatz, responded to queries about the strikingly similar price movements of XRP and Stellar (XLM). This discussion has brought to light not just the intertwined market dynamics of these two major cryptocurrencies but also the complex factors influencing their valuation. Curious Correlation Between XRP And XLM Schwartz candidly addressed a post by Good Morning Crypto, who highlighted a long-term price chart comparison between XRP and XLM since 2014, questioning the “unnatural price symmetry” and the potential for both to “breakout together during this bull run.” Schwartz replied, “I genuinely don’t know. The thing that I think is most likely is that both prices are driven primarily by factors completely outside their ecosystems.” Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November However, Schwartz also acknowledged conflicting evidence to his theory. When pressed for specifics regarding the unusual correlation, he pointed to the significant event of Stellar burning half of their token supply, which surprisingly did not impact their price or disrupt the price correlation pattern with XRP. “The one bit that’s the most convincing to me is that Stellar burned half their supply and there wasn’t so much as a blip on their price chart or any real deviation from XRP’s price correlation,” Schwartz explained. This dialogue underscores a broader narrative within the cryptocurrency sector, where XRP and XLM share not only a founder in Jed McCaleb but also similar technological frameworks aimed at streamlining cross-border payments. Despite these overlaps, the absence of a price impact post-Stellar’s token burn has been a particularly puzzling aspect for analysts and the crypto community alike. Both XRP and XLM have historically mirrored each other’s price movements, potentially due to overlapping use cases, investor behaviors, and market perceptions. As financial tools facilitating quick, cross-border transactions with minimal fees, both have attracted similar investor bases looking for alternatives to traditional banking hurdles. Related Reading: XRP Price Consolidates, Gearing Up for Its Next Major Breakout Market sentiment plays a significant role. News impacting one of the cryptos can quickly spill over to the other due to their perceived substitutability. Additionally, regulatory shifts in one can inadvertently sway investor sentiment towards the other. Popular pro-XRP lawyer Bill Morgan commented on this, “I don’t know what causes it but it shows how useless Ripple burning the escrow would be. Stellar burned XLM and Ripple did not burn XRP and it had no impact on the symmetry. Same for the lawsuit. No impact overall. Stellar was not sued. Factors external to either blockchain and not specific to either Ripple or Stellar must be the explanation.” The ongoing debate includes speculation about whether XRP and XLM will jointly make significant gains in an anticipated bull run. Historical price patterns suggest a high level of correlation, but as Schwartz indicates, external factors such as global market conditions and macroeconomic factors are likely at play. At press time, XRP price stood at $0.5282. Featured image created with DALL·E, chart from TradingView.com
XRP, the cryptocurrency associated with Ripple, has been locked in a lengthy period of consolidation, trading between $0.300 and $0.600 for the past seven years. Despite a brief surge during the 2021 bull run that saw XRP reach a three-year high of $1.9 in April, the token has since returned to its range, lacking the bullish momentum to overcome upper resistance levels. However, some crypto analysts are now predicting a major uptrend for XRP in the coming months, potentially propelling it to new heights. Analysts Anticipate XRP Breakout A technical analyst using the pseudonym “U-COPY” on the social media site X (formerly Twitter) suggests that XRP could experience significant movement between May 15 and August. U-COPY points out that XRP has been slowly moving up from its previous low at $0.46 and is nearing the end of a long triangle formation, which has been in accumulation since 2018. The analyst believes that XRP’s real potential will be revealed in the fully formed bull cycle, with the token possibly experiencing substantial growth by the end of the year. Related Reading: Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When Supporting this bullish outlook, another analyst, Armando Pantoja, proposes that the crypto bull run could begin in September or October 2025, with XRP potentially reaching a price of $0.75. Pantoja further suggests that if former US President Trump wins the election and the Securities and Exchange Commission (SEC) eases its stance on cryptocurrencies, XRP could be propelled to higher levels. This change in regulatory dynamics, combined with the ongoing legal battle between Ripple and the SEC, may increase the likelihood of XRP gaining approval for an exchange-traded fund (ETF) similar to Bitcoin. Pantoja outlines a price range of $1-2 for an XRP ETF announcement in early 2025. If interest rates are cut multiple times during the same period, XRP could potentially reach $5-10. Ultimately, Pantoja predicts the possibility of XRP hitting $10-$20 by the fourth quarter of 2025 or the first quarter of 2026. ‘Buy the Dip’ Opportunity? According to market intelligence platform Santiment, The XRP Ledger (XRPL) has recently witnessed a notable increase in the movement of dormant tokens, signaling a potential shift in market dynamics for the token. Coinciding with the opening of May, the company’s Token Age Consumed metric reveals a spike in the transfer of old coins, reminiscent of a similar occurrence in April, just before a significant downturn in the market. During that period, XRP experienced a sharp decline in value, dropping by 16%. However, in contrast to the previous event, Santiment suggests that there is a “compelling argument” that this current surge in old coin movement might be attributed to the interest of key stakeholders looking to “buy the dip.” Related Reading: This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024 Furthermore, it is worth noting the growing open interest in exchanges, which has recently reached a three-week high. This uptick in open interest indicates increased active positions in XRP, potentially reflecting growing market participation and heightened trading activity. Considering these factors together—the surge in dormant token activity, the potential buy-the-dip interest from key stakeholders, and the rising open interest on exchanges—there appears to be a shift in sentiment surrounding XRP. At press time, the seventh-largest cryptocurrency trades at $0.5020, down over 7% in the past week alone and 1% in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com