XRP: Despite recent decline, are better things coming for the altcoin?

9 July 2024

in XRP

Reading Time: 5 mins read

Analysts highlighted a crucial support for XRP, with potential targets at $1.88, $5.85, and $18.22.
Technical indicators showed mixed signals, with slight bullish momentum building.

Despite recent negative sentiment surrounding XRP, analysts remained bullish about its potential price movements. As of press time, XRP traded at $0.432745, with a daily trading volume of $1,133,080,420.

XRP has decreased by 1.04% in the last 24 hours, bringing the live market cap to $24,113,904,871.

XRP analyst Dark Defender has identified technical signals on the weekly chart, emphasizing the importance of the Fibonacci support level at $0.3917 within the context of the 5 Elliott Waves.

According to his analysis, maintaining this critical support level is essential to avoid structural changes. He projected future targets at $1.88, $5.85, and $18.22.

Additionally, the weekly RSI figures indicated an oversold condition, suggesting a potential reversal in the price action.

Source: X

In a related development, market analyst The Block Bull predicted a 6,000% surge in XRP over the coming weeks, driven by a doji candle formation on the XRP/BTC weekly chart.

Mixed signals from daily indicators

Meanwhile, the Moving Average (MA) Cross (9, 21) showed a potential shift from bearish to bullish sentiment, with the 9-period MA at 0.4291 and the 21-period MA at 0.4281, both slightly below the current price.

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Moreover, the MACD (12, 26, close) indicated a recent bullish crossover, with the MACD line at 0.0004 and the signal line at -0.0070.

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However, the histogram remained negative at -0.0074, reflecting lingering bearish sentiment.

The RSI was at 46.75, climbing from a recent low but still below the 50 mark, indicating a neutral to slightly bearish territory moving towards a more bullish stance.

Source: TradingView

XRP engagement declines significantly

Santiment’s analysis revealed notable fluctuations in transaction volume and active addresses over the past six months.

Significant peaks in transaction volumes coincided with major price movements, particularly from late January to mid-February, March, April, and early June.

Realistic or not, here’s XRP’s market cap in BTC’s terms

Recently, there has been a distinct decline in transaction volume and active addresses, aligning with a downward trend in XRP’s price.

As of early July, the transaction volume has considerably reduced, and active addresses have diminished, indicating a decrease in user engagement and potentially signaling investor caution.