XRP Price Prediction as $1.2 Billion Trading Volume Floods In – Bull Market Starting?
The XRP price has risen by 3% in the past 24 hours, moving to $0.639999 on a day when increasing bullishness has pushed the entire crypto market by 4%.
XRP has now gained by 6% in a week and by 4% in the last 30 days, with the altcoin – the fifth-biggest token in the market (by cap) – also having risen by 88% since the beginning of the year.
It’s possible that today’s market-wide jump is the start of an end-of-year rally, with the Bitcoin ETF approvals and likely rate cuts potentially bringing a full-on bull market market next year.
If so, XRP is likely to benefit massively, helped along by Ripple’s recent victories against the SEC and the company’s renewed growth.
Perhaps unsurprisingly, XRP’s indicators are beginning to show a renewed upwards tendency, pointing to further gains.
Its RSI (purple) has now steepened its ascent and looks set to retake 60, with its current trajectory suggesting that the coin will post additional gains on its way to 70 or higher.
And while XRP’s 30-day average (yellow) had flattened out a little over the past week, it now looks like it will resume rising even higher above the 200-day average, again signalling likely gains.
Other bullish signs include the fact that XRP’s support level (green) continues to rise steadily, while the altcoin’s 24-hour trading volume has now risen beyond $1.3 billion.
This is up massively from levels witnessed in September and early October, but still actually some way below the $3 billion+ levels recorded at the beginning of November.
In other words, XRP’s current rally may be only just beginning, with plenty more room for intensification.
Yet the coin may dip a little in the next day or so on the way to medium-term gains, since some whales seem to be preparing to sell.
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