XRP’s Anticipated Rise to $2.80
Recent analyses highlight several technical, on-chain, and fundamental indicators, indicating a potential price rebound for XRP towards $2.80 shortly.
- XRP’s price has surged nearly 21% from below $2 as of November 21, suggesting this upward trend may continue.
- Notable Insights:
- Technical charts align around a $2.80 target.
- A decline in exchange supply implies holders are not looking to sell, signaling long-term faith in the asset.
- Ongoing positive spot taker cumulative volume delta (CVD) reinforces buyer confidence.
Analyzing Chart Patterns
XRP’s four-hour chart displays a bull pennant, indicating a likelihood of a substantial move once confirmed. According to analyst Crypto Batman, “$XRP is looking really solid here.”
“Not only has it reclaimed its previous support, but it’s also breaking out of a classic bullish pennant, a strong continuation pattern.”
Translation: Not only has it regained its previous support levels, but it’s also breaking out of a recognized bullish chart pattern, suggesting further momentum.
A sustained close above $2.22 could facilitate a rise towards the projected $2.80 target, representing a 25% growth.
Market Dynamics and Investor Sentiment
Furthermore, a considerable decline in XRP’s supply on exchanges within the last 60 days, as per Glassnode’s data, supports an optimistic outlook. This descending supply indicates a potential for upward price dynamics due to diminished sell pressure from holders.
Analysts assert that reduced selling pressure coupled with strong market demand bodes well for XRP’s price trajectory as it prepares for a potential bullish momentum shift, particularly with the imminent launch of various XRP ETFs expected to bolster interest and investment in the asset, driving its price higher.
