Throughout February 2024, XRP has been making interesting moves on the crypto market as it saw, in quick succession, dormant whale wallets come to life to dump as much as $100 million worth of cryptocurrency, and one-day inflows amount to as much as $1 billion.
Generally, XRP has been increasingly interesting to investors as Ripple Labs managed to score several important victories in its long-standing legal battle against the U.S. Securities and Exchange Commission (SEC) – though some 2024 developments indicate the fight is far from over.
The token has also recently started rising – along with many other cryptocurrencies – after a brief depression that affected the entire crypto market following the approval of nine spot Bitcoin (BTC) exchange-traded funds (ETFs) early in January, and now, one expert pointed out that it may be in for a massive rally.
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RSI analysis hits toward massive XRP surge
The relative strength index (RSI) for the Bitcoin-XRP trading pair on the weekly chart matches the one seen in the 2017 and 2021 bull runs, per the analysis conducted on February 19 by Dark Defender, a crypto expert who commonly shares his findings on X.
In December 2017, XRP started a surge that, in a mere month, sent it from approximately $0.20 to its all-time high of $3.84 on January 4, 2018. Similarly, its 2021 rally saw it rise from about $0.50 to above $1.50 in a little over one month’s time.
Indeed, not only did Dark Defender conclude that XRP is likely to soon enter its 2024 bull run that could see it soar as high as $2, but also shared his observation that its market movements closely mimic those of the previous massive rallies in a post published one day earlier – on February 18.
Technical analysis (TA) of XRP, based on its last week of trading and provided by TradingView, is decidedly more neutral, with oscillators rating the cryptocurrency as a “buy,” and moving averages as a “sell.”
XRP price analysis
Should XRP manage to enter into a bull run in the coming days, it would, in several ways, be a continuation of its recent performance. Indeed, cryptocurrency has generally been rising in the previous 52 weeks and is 44.76% in the green in the timeframe.
Additionally, while it significantly declined in January and is, as of the time of publication, 11.41% in the red, year-to-date (YTD), it has, more recently, been regaining ground. In the last 30 days, it rose 2.78%, and 6.67% in the last week. The last 24 hours of trading, however, brought a small decline of 0.10%, and the token is worth $0.56 at press time.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
