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A crypto analyst shared an XRP price chart and analyzed the 4-hour movement while identifying key strength indicators that indicate a potential upside. The analyst predicted that XRP has hit a new all-time high (ATH) and is preparing for a big rally to $11.
Key Indicators Suggest XRP Price Set to Soar $11
In a Tuesday post on He pointed out the possibility of a significant price increase up to ATH. Analysts suggested that XRP is showing clear upward momentum and a sharp rise can be seen on the price chart presented.
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Source: TradingView
Looking at the chart, XRP has broken through recent resistance levels and is maintaining its bullish momentum. XRP's strongest resistance in over three years at $0.5 was broken in early November, pushing it above $1 following Donald Trump's victory in the US presidential election. Currently, XRP price is trading above $2.5, confirming the significant growth surge it has experienced in less than two months.
Marks revealed that he is closely monitoring long-term proxy indicators for the XRP price that indicate the potential for new ATH appreciation. The volume bar below the price chart indicates steady buying pressure on XRP, with increasing trading volume on an uptrend.
Recently, the trend of XRP accumulation among large holders has increased significantly. Cryptocurrency analyst Ali Martinez revealed through a price chart that whales have purchased a staggering 30 million XRP within the past 24 hours. This increase in buying activity reflects growing confidence in XRP, likely driven by bullish market sentiment and expectations for price appreciation.
Source: TradingView
At the bottom of the XRP chart shared by Marks, the Relative Strength Index (RSI) shows a sharp upward curve, indicating a possible bull market rally. The RSI appears as a fluctuating black line, clearly reflecting an increase in momentum. If XRP can maintain its current upward trend, it could surpass the current high of $3.84 set during the 2021 bull market and reach new highs of over $11 in this bull cycle.
Latest information on XRP analysis
XRP price is persistently trying to break through the $2.5 resistance area, aiming to reach new highs. Over the past month, XRP has shown impressive performance, registering a staggering 119.5% price increase. Despite the price collapse, the cryptocurrency continues to see strong growth, with its price rising nearly 8% over the past seven days as it attempts to break through key resistance levels.
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According to data from CoinMarketCap, XRP price is currently trading at $0.252. This cryptocurrency remains the third largest after Bitcoin and Ethereum based on market capitalization. Additionally, XRP has seen a notable increase in daily trading volume, surging by 53.72% at the time of writing.
XRP shooting at $3 | Source: XRPSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
