XRP Price on the Rise: What’s Driving the Momentum?

Ripple’s XRP has shown signs of a bullish breakout, with the price currently at $0.6075. This positive momentum has been highlighted by Crypto Yapper, who points to a bullish formation in the cryptocurrency’s chart.

$XRP Breaking Bullish !

In my video of today I discussed this fomation for #XRP

The price was getting squeezed into an apex which broke out#Ripple is looking strong lately ! pic.twitter.com/BiXPDx8Gmj

— Crypto Yapper (@CryptoYapper) August 19, 2024

XRP’s 24-hour trading volume is approximately $1.65 billion, and the price has risen by 7.1% in the last day. The cryptocurrency’s market cap currently stands at $34 billion.

Source: TradingView

While positive sentiment surrounds XRP, technical indicators show a mixed picture. The daily chart shows an RSI of 52.71, indicating neutral momentum. The MACD line is below the signal line, hinting at potential bearish sentiment. This suggests XRP might experience either downward pressure or consolidation in the short term.

Key support levels analysis shows that the immediate support is around $0.5736, a recent low where the price has bounced back. Should XRP drop further, this level could offer short-term support.

Source: CoinMarketCap

Additionally, $0.5700 serves as a psychological support level, potentially attracting buyers if the price declines further. A break below this level could lead to $0.5650, another support zone where previous stabilization occurred.

In a contrasting view, Crypto Barbie, a crypto enthusiast, asserts that XRP is on the verge of its most significant breakout in history. She suggests that if XRP performs similarly to its 2018 rally, it could see a 30,000% increase. This would push XRP’s market cap to $9.66 trillion, an ambitious forecast.

🚨 BREAKING: #XRP ON VERGE OF BIGGEST BREAKOUT IN PRICE HISTORY! 📈

If XRP achieves even half of 2018’s performance, it will be 30,000%.

That means XRP’s market cap could reach $9.66 trillion – something you probably did not believe could happen! https://t.co/ZA0gq9aH94 pic.twitter.com/w0vnpbYUpd

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) August 19, 2024

The symmetrical bullish triangle pattern observed since 2018 could be crucial to this potential breakout. After a massive 60,000% rally in 2018, XRP’s price started a declining trend but formed a bullish pattern over the past six years.

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