The value of XRP is on a bullish trendline in line with the overall trajectory of the cryptocurrency market. Undoubtedly, the focus on XRP is now centered on its next milestone, with the $1 mark representing a significant target.
When examining the next XRP price target, a crypto analyst by the pseudonym EGRAG CRYPTO, in an X (formerly Twitter) post on November 4, highlighted that with the token experiencing a surge in trading activity, key indicators point to a potential bullish trend and a possible price target of $1.3.
EGRAG’s analysis focused on the weekly candle formation, providing valuable insights into the behavior of XRP’s price movements in the near future. According to the analysis, closing above $0.58 signals a bullish trend. However, the analysis emphasized that the candle formation must adhere to a bullish pattern, indicating sustained positive momentum.
The analysis also reviewed the previous surge in XRP’s price, reaching $0.93. This surge is interpreted as a retest of the upper price range, a positive sign for investors. In this line, EGRAG suggested that XRP could experience another surge, potentially reaching $1.3.
XRP true litmus test
Despite this optimism, the true litmus test for XRP lies in closing above $1 and achieving this milestone, which would signal a strong upward momentum and potentially pave the way for further gains.
“The previous surge to 0.93c essentially served as a retest of the upper price range. While XRP may experience a surge and wick up to $1.3, the true litmus test lies in closing above $1, a pivotal psychological level for traders,”
Notably, the surge in XRP market cap follows a cooling down in the case between Ripple and the Securities Exchange Commission (SEC). In one of the latest updates, the SEC dropped claims against two Ripple Labs executives in its lawsuit, alleging the blockchain company violated U.S. securities law.
Almost $1 billion inflows into XRP in one day
Meanwhile, the increased trading interest in XRP is underscored by the heightened buying pressure observed for the token. At present, XRP commands a market capitalization of $33.07 billion, reflecting an inflow of approximately $960 million in the last 24 hours. On November 3, the token’s market cap was $32.11 billion.
Regarding price movement, by press time, XRP was trading at $0.62, showing daily gains of over 2%. On the weekly chart, XRP has surged by over 12%.
Regarding technical analysis, the token is primarily influenced by bullish sentiments. A summary of the one-day gauges retrieved from TradingView suggests a ‘buy’ rating at 15 while moving averages lean towards a ‘strong buy’ at 13. Oscillators also signal a ‘buy’ at 2.
This bullish momentum coincides with growing speculation that Ripple might be considering a move towards going public. As reported by Finbold, various job openings listed on Ripple’s website imply the company is gearing up for an initial public offering (IPO).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.