XRP, the native token of Ripple Labs, is constantly gaining attention from crypto enthusiasts and seems poised for a significant rally. Today, on January 7, 2024, a prominent crypto expert posted on X (formerly Twitter) and made a bold prediction for XRP.
Expert Says Buy Signal for XRP
In a post, the expert noted that the last time a technical indicator called Supertrend turned bullish in a 12-hour time frame, XRP skyrocketed 470%. Now the altcoin has once again given a bullish and flashing buy signal. This post on
However, this indicator turned around during a period when XRP seemed stable and struggling to gain momentum.
At the time of writing, XRP is trading around $2.41 and has experienced a modest price increase of 0.81% over the past 24 hours. During the same period, trading volume increased by 10%, indicating an increase in trader and investor participation compared to the day before.
XRP Price Action and Key Levels
According to expert technical analysis, XRP has been consolidating in a tight range between $2.37 and $2.46 over the past five days, after breaking out of a bullish pennant pattern on the daily time frame.
Based on the recent price action, if XRP breaks this consolidation and closes a daily candle above $2.48, there is a strong possibility that it could rise 85% to reach the $4.54 level in the future.
Investors and traders increasing interest
As of now, traders and long-term holders seem more interested in the altcoin, as reported by on-chain analytics firm Coinglass.
Spot inflow/outflow data showed that during the same consolidation period, exchanges witnessed an outflow of a significant $38.02 million worth of XRP. This indicates that long-term holders continue to accumulate the altcoin despite the consolidation.
However, outflows refer to the movement of assets from exchanges into the pockets of long-term holders, indicating potential buying opportunities and upside momentum.