The XRP price has made headlines by strongly advancing on Wednesday by breaking through a multi-month resistance area. This move has reignited bullish sentiment among traders. Experts closely monitoring now believe, after witnessing this surge, that another surge could propel the price of XRP to higher levels.
This optimism is supported as its parent company, Ripple, enjoys a series of positive developments, and experts now believe that its price action has led to the emergence of a new inverse head and shoulders pattern, which may indicate a long-term potential reversal in the near future.
Moreover, the investor sentiment has also shifted to a more bullish outlook, with many anticipating that XRP would continue its upward trajectory and aim for a higher target by the end of July.
Analyst Targets $3.30 In XRP Price
Crypto analyst TheSignalyst recently highlighted that the XRP price has entered an Inverse Head and Shoulders pattern. This formation has emerged at a crucial moment, coinciding with strong support levels which were maintained by bullish traders for several months.
As of now, Bitcoin has also surpassed its June high, and XRP crypto is riding on that momentum, having climbed to $2.45. The analyst notes that in the short term, the price could reach between $2.62 and $2.66.
Looking ahead, TheSignalyst displays that a decisive break above the $2.66 level is essential for confirming a bullish continuation. If this setup holds, the analyst projects that the XRP price could potentially reach as high as $3.30 in the long term.
Indicators Analysis Shows Bullish Strength
The XRP price is demonstrating notable bullish strength, with today’s momentum highlighted by several bullish indicators. The MACD has revealed a golden cross, with the histogram rising at 0.0277. Currently, the MACD line sits at 0.0440, while the signal line is at 0.0164.
In addition, the Awesome Oscillator (AO) supports this bullish sentiment, as its histogram has also climbed at 0.1196. The Chaikin Money Flow (CMF) also indicates positive trends, currently jumping from 0 line to 0.11, reflecting an increase in money inflows.
Moreover, the Relative Strength Index (RSI) is on the rise, inching closer to overbought territory at 67.48. This suggests a strong likelihood of another price spike in the short-term before the market becomes overheated.
