- XRP price increase has led analysts to forecast a “mega bull run” with a midterm estimate of $2. 30.
- A stable MACD line, RSI in the buy zone, and an XRP price above the key indicate further price appreciation.
- The XRP token has legal certainty from Ripple’s non-USA selling various services, including ODL.
Today, XRP is in the seventh position of digital currency concerning market capitalization. Due to a recent price increase, it is under the scrutiny of analysts. Over the past day, XRP’s has risen by 19.45%, reaching $0. 615193; Thus, trading volumes have been more than $ 5.6 billion.
This sharp increase in value has prompted investors to expect a further upward surge in XRP prices, what they have termed a ‘mega bullish rally’ with a midterm outlook of $2.30. Analyzed indicators and market sentiment suggest potential growth for leading stock indices in the short and medium term.
Technical Indicators Support Bullish Outlook
Looking at the XRP chart, it's clear that the current price is on a bullish trend, with higher lows and higher highs. This is supported by XRP trading above the 20-day and 50-day simple moving averages (SMAs), which are technical tools used by traders to identify market momentum. These indicators suggest strong buying pressure and steady growth in average trading activity, with occasional significant surges.
Source: TradingView
The MACD also supports the XRP bullish forecast. The MACD line is on the upside of the signal line, which implies a bullish crossover; this is a good sign that an upward trend may be in the works.
Additionally, the current and signal MACD lines are crossing, and the MACD histogram is positive after being negative on the previous trading day, which supports the further price move upwards.
The Relative Strength Index (RSI) is currently around 54, which suggests that XRP is in a neutral position. The RSI's oscillation between 30 and 70 indicates that XRP is not in an extreme condition, allowing room for upward movement without an imminent risk of reversal.
However, analysts are closely monitoring some qualitative factors about Ripple, which is behind the XRP token. To support this perspective, recent comments from attorney Jeremy Hogan have underscored that Ripple’s operations, particularly the sales of ODL, occur in jurisdictions other than the United States. They said this legal clarity would offer a strong base for the rally prospect XRP is anticipated to have.
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