XRP Rockets 6% in a Day: Is $0.5687 the Launchpad for $1.40? Analyst Insights

Ripple’s XRP is gaining momentum and showing bullish tendencies, stimulating a growing interest among investors and traders. XRP’s price has spiked lately, jumping to $0.5687 while registering a 6% increase in just one day. As per EGRAG CRYPTO, an analytic firm, this upward movement is underpinned by technical indicators hinting at a potential breakout, explicitly focusing on the double bottom formation. This classic bullish pattern suggests a forthcoming upward thrust.

As highlighted by Santiment, a top analytic firm, recent data on XRP wallets holding at least 1 million tokens reveals a significant uptrend. Over 2,013 wallets are now in possession, nearing an all-time high. This surge in large-scale holders signifies growing confidence and accumulation within the XRP community, hinting at strong investor sentiment supporting further price appreciation.

According to the latest data, the price of XRP is at $0.547538 with a daily trading volume of $1.6 billion. Despite the recent progress, XRP’s 1-day RSI displays a position of “neutral” at 47.70 implying neither overbought nor oversold condition. This neutrality in RSI underscores the potential for price movement in either direction in the near term.

The Moving Average Convergence Divergence (MACD) indicator, however, is painting a more bullish picture, with the MACD line trading above the signal line a classic signal of a forming uptrend. This bullish sentiment is somewhat offset by the short-term bearish trend indicated by the 1-Day Know Sure Thing (KST), highlighting the underlying market uncertainty.

XRP/USD 1-Day price chart, Source: Trading view

Despite the mixed signals from various indicators, the prevailing sentiment around XRP remains positive, driven by the technical breakout pattern and increasing institutional interest. Investors are closely monitoring key resistance levels, particularly the $0.5687 mark, as a decisive breakthrough could pave the way for a sustained rally toward the $1.40 price target.