- XRP appears poised to extend its recovery and rally another 10%.
- However, selling pressure still existed and the market remained cautious overall.
Ripple (XRP) It looks set to reverse some of its recent losses after bouncing off a key high chart demand level above $0.40.
Between the recent low of $0.43 and the press value of $0.51, XRP has gained over 18%. Additional market improvement could help bulls gain another 10% after converting potential resistance into support.
XRP Price Prediction Shows Potential 10% Rise
Source: XRP/USDT, TradingView
The recent decline is marked by a long candlestick wick, and the weekly bullish block bounce is marked in teal. This reinforces the $0.4 level, which is important for bulls as it has been holding the XRP dump since June 2023.
The signal for bulls was the recovery from the breaker block ($0.47-$0.48) which was white, which could allow a retest of the immediate target of $0.54. A move up between the breaker block and the immediate bullish target would potentially lead to a 10% recovery gain, especially if Bitcoin extends the recovery to $60k.
The RSI (Relative Strength Index) and CMF (Chain Money Flow) are both showing an upward trend, with the latter bouncing back above the average level. The rise in CMF means that capital inflows are surging into the XRP market.
The RSI bounce indicates improved buying interest, but it still remains below the average, giving strong confidence to the bulls. That said, without strong buying pressure, it may be difficult to break the $0.54 barrier.
If XRP weakens again, the price could drop back above the weekly bullish order (OB) of $0.40.
Sellers Take Notice as XRP Price Rise
Source: Santiment
The recent slight recovery has also led to a surge in selling pressure, as evidenced by the surge in exchange inflows, which showed that more XRP tokens were moved to exchanges for selling during the recovery.
read Ripple (XRP) Price Prediction 2024-2025
Additionally, the increase in network activity, as indicated by the increase in daily active addresses, has eased after a slight rebound, indicating a slight decrease in interest in altcoins.
Overall, despite the recovery outlook, the conclusion is that the XRP market remains cautious overall.