Ripple Labs’ native token, XRP, continues to attract attention from cryptocurrency enthusiasts and appears poised for significant upside. Today, January 7, 2024, a prominent cryptocurrency expert posted on X (formerly Twitter) and made a bold prediction about XRP.
Expert Says Buy Signal for XRP
In the post, the expert noted that XRP surged 470% when a technical indicator called Supertrend turned bullish in the last 12 hours. Now the altcoin has once again flipped bullish and flashing buy signals. This post about
However, this indicator reversed during a period when XRP appeared stable and seemed to be struggling to gain momentum.
At press time, XRP is trading near $2.41 and has experienced a slight increase of 0.81% in the last 24 hours. During the same period, trading volume increased by 10%, indicating that the participation of traders and investors increased compared to the previous day.
XRP Price Action and Key Levels
According to expert technical analysis, XRP has been consolidating in a narrow range between $2.37 and $2.46 over the past five days after breaking out of a bullish pennant pattern on the daily time frame.
Recent price action suggests that if XRP breaks this consolidation and closes the daily candle above $2.48, it will likely surge 85% to reach the $4.54 level in the coming days.
Increased interest from investors and traders
Current traders and long-term holders appear to be more interested in altcoins, according to a report from on-chain analytics firm Coinglass.
Spot inflow/outflow data shows that $38.02 million worth of XRP was flowing out of exchanges during the same consolidation period. This indicates that despite consolidation, long-term holders are continuing to accumulate altcoins.
However, outflow refers to the movement of assets from exchanges into the wallets of long-term holders, indicating potential buying opportunities and upward momentum.