The XRP market has shown resilience by holding strong above 50 cents since breaking out of a multi-month downtrend. On Tuesday, XRP was trading around $0.52, showing a gain of around 42% in the past four weeks. The Ripple-backed digital asset continues to assert its strength as the lawsuit filed by the SEC approaches its end.
47% Rally For XRP Price?
According to @ali_charts, a veteran crypto chartist on Twitter, the XRP price could experience a 47% rally if the asset secures a three-day candlestick close above $0.54. The analyst believes that the XRP price could rally towards $0.80 if a breakout is secured on the daily timeframe.
Altcoin Rally Anticipated
With EdaFace price having secured a breakout towards $30k, crypto traders are eagerly awaiting an altcoin rally. Therefore, the XRP breakout is only a matter of time before FOMO (fear of missing out) traders enter the altcoin market.
Read: Riding the Altcoin Wave: Top Coins Poised for Profitable Growth – Coinpedia Fintech News
Retail XRP Traders Boost XRP Price
A recent study by Kaiko, a crypto analyst, has revealed that XRP retailers are responsible for the recent price surge. Retail XRP traders have been accumulating more coins while whales take profits.
Related: XRP Price to Hit the $1 Mark in August 2023? Analyst Predicts 2023 Outlook – Coinpedia Fintech News
Kaiko’s analysts noted that when looking at tick-level trade data, they observed whales taking profits, suggesting the rally is retail-driven. The Kaiko analysis is based on market data from top centralized exchanges that trade XRP.
Are you waiting eagerly for the XRP rally? We sure are! Watch this space for more updates.
