XRP Price Rallies to $1.47 with 33% Weekly Gain, Analysts Eye $2 Milestone
Highlights:
- XRP hits $1.47, up 33% this week, with a $2 target in sight.
- Ripple invests in rebranded Bitwise XRP ETP, boosting adoption.
- RSI shows overbought, but MACD signals bullish momentum.
The XRP price was up 33% in the past week and up 5% in the last 24 hours, to trade at at $1.47 at 4:30 a.m. EST as trading volume fell 16% to $8.4 billion. The market capitalization stood at $83 billion.
The price of XRP has more than doubled in one week, driven by strong momentum and investor interest in the broader market. Analysts forecast that it could reach $2 in about 30 days, defying conventional wisdom with a symmetrical triangle that has flipped bullish. Strong support at $1.30 and resistance target at $2.56 above the $2 milestone.
The reason for investing in the company, rebranding its XRP exchange-traded product to “Bitwise Physical XRP ETP” with the ticker GXRP, is to shore up its presence in Europe. This represents increasing institutional participation that will contribute to the overall market momentum, possibly propelling the price of XRP toward $2.
🚨 Bitwise rebrands $XRP ETP to “Bitwise Physical XRP ETP” as #Ripple announces investment in the product. pic.twitter.com/QtoUsE0CL0
— Ledger Man 🎩 (@strivex_) November 28, 2024
Renaming would further increase investors’ confidence and increase XRP’s adoption, furthering Ripple’s strategy in the advancement of digital asset infrastructure across the globe and positioning XRP well into the future.
Recent price action has seen the cryptocurrency record a 33% weekly gain, with XRP changing hands at $1.47. The RSI reads 83, indicating overbought conditions, while the MACD is still in bullish territory. For XRP to reach $2 anytime soon, the cryptocurrency requires sustained buying pressure and optimism in the market.
XRP Statistics
- XRP price: $1.47
- Market capitalization: $83 billion
- Trading Volume: $8.4 billion
- circulating supply:56 billion
- Total supply: 100 billion
XRP Price Poised for Bullish Breakout as It Trades Above Key Support Levels
The XRP price is trading at $1.46736, creating a bullish pennant on the 4-hour chart. This pattern forms after a strong uptrend, where converging trendlines take place, indicating that a strong rally may occur once the price breaks above the $1.47 resistance, which is also the breakout point.
The 50-period MA, positioned at $1.3689, provides dynamic support within the pennant. The long-term trend is strongly bullish, with the 200-period MA at $0.8331. The XRP price is trading well above both MAs, an indication of sustainable bullish momentum.
Bullish Technicals Eyes $2 Target
The MACD currently has a bullish trend, with the MACD line at 0.0239 above the signal line at 0.0220 and a positive histogram as an indication of growing buying pressure.
Besides that, the RSI reads 55.91, indicating neutral conditions and providing ample room for further rallies upwards before reaching overbought levels. All put together, these indicators set the stage for a possible breakout, taking XRP price toward its $2.00 psychological target; thereafter, depending on the continuity in bullish momentum, it may test resistances at $2.56.
On the downside, strong support is seen at $1.36, where the 50-period MA aligns, and further at $1.30, near the base of the pennant. If XRP fails to break above $1.47, it could consolidate or retrace toward these levels. Overall, XRP is poised for a big move, and traders should watch for a decisive breakout above $1.47 with strong volume to confirm a rally toward $2.00 and beyond.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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