XRP rises 35% in two weeks as multiple technical indicators, including the SRSI, RSI, and MACD indicators turn positive.
XRP has surged over 35% in less than two weeks, capturing the attention of market participanhts. XRP’s price, which traded at $0.3911 on July 5, witnessed a dramatic spike to $0.5294 by July 14.
This significant price increase has been attributed to several factors, including positive technical indicators and notable events in the crypto space.
Key Technical Indicators Turn Positive
According to JD, a crypto analysis expert, the Stochastic RSI (SRSI), Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD) have all shown bullish signals for XRP. The SRSI crossed above 20 for the first time since 2023, indicating a shift from an oversold condition to a potential bullish trend.
#XRP – For the first time in 2024:
SRSI – cross above 20!
RSI – cross above MA!
MACD – GREENThis is BIG! I have posted charts w/more details on Patreon/Discord!
Retweet/Like for XRP/USD 2week on X!
Glad we crashed into orange box for better DCA that majority did not take!… pic.twitter.com/CClI7jnJHZ
— JD 🇵🇭 (@jaydee_757) July 15, 2024
Currently, the SRSI value is 54.30. The RSI has also crossed above its moving average for the first time since 2023, with a current value of 35.71, suggesting a positive momentum shift. Furthermore, the MACD histogram has turned green, indicating that the MACD line has crossed above the signal line, signaling upward momentum.
Historical data shows significant price points for XRP, such as $0.012 in 2014 and $3.31 in 2018. A downward trend line connects these historical price peaks, suggesting a long-term resistance level that XRP has struggled to break.
The chart shows a “possible target” area indicated by a green arrow, suggesting a potential future price target if XRP breaks the trend line resistance.
Recent Activity Suggest Positive Sentiment
Recently, XRP’s price increase has been mirrored by an uptick in daily active addresses, with noticeable peaks in late March, mid-April, and late June.
A sharp rise in both price and active addresses since earlier this month suggests heightened interest and activity around XRP. The number of active addresses tends to correlate with price movements, with increased user activity often preceding significant price changes.
Factors Driving the Surge
Three major factors have driven XRP’s recent price surge. Firstly, the first anniversary of Judge Analisa Torres’ summary judgment in the SEC vs. Ripple case, fondly dubbed “XRP Freedom Day,” has been celebrated, contributing to positive sentiment.
Secondly, speculation surrounding the SEC’s upcoming closed-door meeting on July 18 has fueled anticipation of a potential settlement in the ongoing legal tussle with Ripple. Lastly, the broader crypto market is experiencing a relief rally, partly due to speculation about a potential Fed rate reduction by September 2024. This overall positive sentiment in the crypto market has also supported XRP’s price increase.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
