The XRP price has seen some recovery over the past two days, bringing positive sentiment back to the latocin. This has continued with the expectation that the price will continue to rise. One crypto analyst in particular, who goes by the name RLinda, has revealed why the cryptocurrency is expected to rise 70%.
XRP price completes a false analysis
This was the case in the analysis Posted On the TradingView website, crypto analyst RLinda outlined a number of reasons why the XRP price may be gearing up for a rise. One of these reasons is the fact that the altcoin has created a false breakdown.
This refers to the price crash that caused the price to drop from $0.7 to $0.42, with a crash of almost 50%. However, the crypto analyst believes that this crash was bullish for the coin as it was in fact a false collapse followed by a breakout.
In scenarios like this, the
Source: Tradingview.com
Furthermore, XRP price is also in long-term consolidation, another factor that could contribute to this breakout. “XRPUSDT forms a technical false support break, in the long term, consolidation above the zone should be formed with the aim of continuing growth, the potential of which can be opened by 50-70%,” the analyst said.
The State of XRP
XRP has already seen investors return after it was clear that the worst of the crash had been reached. Crypto whales in particular have placed their bets and moved 600 million XRP tokens. As NewsBTC reported, whales who own between 10 million and 100 million XRP increased their holdings by 30 million in just one week. But even more interesting is the fact that they moved up to 600 million tokens in two weeks.
These moves anticipate the predictions of crypto analysts who predict a major upside for the cryptocurrency. One of these is crypto analyst Egrag Crypto who predicted that the XRP price is about to rise to $1.4. This would mean a price increase of more than 100%.
However, XRP hasn’t exactly been the market’s favorite lately. Daily trading volume has dropped noticeably, with Coinmarketcap reporting a 20% decline to $1.33 billion over the past day. Nevertheless, the altcoin remains the seventh largest in the space, with a market cap of $30.3 billion.
XRP struggles above $0.5 | Source: XRPUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
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