- XRP rose 2.2% in 24 hours, despite the wider market recording a decline
- Analysts Believe XRP Could Surge 500% To Its All-Time High If It Breaks A Major Chart Pattern
As the global crypto market faces a gradual decline, XRP is one of the few cryptocurrencies bucking the trend. XRP was trading at $0.5384 at the time of writing and managed to post a 2.2% price increase over the past 24 hours, thanks to a weekly gain of 2.7% on the charts.
While many assets are struggling to regain momentum, XRP appears to be on the cusp of an upward trajectory. Some experts are now even suggesting that a bigger bullish run may be on the horizon soon.
One such expert is popular crypto analyst Javon Marks, who recently shared his bullish prospects on XRP. Marks highlighted a hidden bull divergence pattern on the XRP chart, which if broken could lead to a significant price increase.
Source: Javon Marks on X
He commented to X:
“XRP still appears poised for a price increase that in terms of strength and value is beyond the comprehension of many. All-Time Highs of $3,317 and a >500% climb to them could be approaching quickly, but even so, this is just the start of a much bigger climb.”
Marks believes that XRP’s return to its previous all-time high will depend on its ability to break this hidden bull divergence pattern, which could spark an even bigger rally.
The fundamentals and market indicators of XRP
While the technical outlook painted a positive picture for XRP, the asset’s fundamentals also seemed to support this bullish sentiment.
An important indicator is the Relative Strength Index (RSI) of XRP. At the time of writing it was listed at 39 facts from CryptoQuant.
Source: CryptoQuant
For context, the RSI is used to measure whether an asset is overbought or oversold. An RSI reading of around 39 suggests that XRP is not in overbought territory, leaving room for potential upside.
Moreover, according to Mint glassthe open interest of XRP rose 3.19% to reach a press time valuation of $713.26 million. Here Open Interest reflects the total number of outstanding derivative contracts. And an increase in this measure often indicates growing investor interest.
Source: Coinglass
This increase was also highlighted by the asset’s Open Interest volume, which rose 87.98% to $1.33 billion.
The increase in both Open Interest and volume suggests that there is significant momentum behind XRP, with more traders placing bets on the asset’s potential profits.
