XRP Price Prediction: Ripple CEO Brad Garlinghouse Says XRP ETF ‘Makes Sense’ Analysts Predict This Bitcoin Derivative Will Become 100X Larger

adminFebruary 22, 2024

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XRP price plunged 5.45% in the last 24 hours. Traded for $0.54 As of 8:35 a.m. EST, trading volume was up more than 4% to $1.54 billion.

The decline comes as Ripple CEO Brad Garlinghouse told Bloomberg that introducing an woke up.

🚨Breaking News: Creating Ripples and Black Rocks $XRP ETFs!?! CEO declares bomb on BLOOMBERG cryptocurrency🚨📈
Ripple CEO Brad Garlinghouse hints at game-changing connection between BlackRock and Ripple launching XRP ETF in US 🇺🇸 …
Statement: “I think it makes sense…” pic.twitter.com/MyC6R2Ld78
— Good Morning Crypto (@3TGMCrypto) February 20, 2024

XRP price signals a bullish trend reversal forming a falling wedge pattern

XRP price

XRPUSD Analysis by Tradingview

XRP faces a serious obstacle to breaking the $0.75 resistance level, hindering the bullish momentum and allowing bears to drive the price lower. This resulted in the formation of a descending wedge pattern, indicating a bullish trend reversal.

The uptrend stabilized the current uptrend by finding support at $0.48, which coincides with the lower boundary of the descending wedge.

XRP price indicator signals bullish reversal as bulls aim for new highs above $0.75 resistance

The 50-day and 200-day simple moving averages are trading below the price. However, the 50-day SMA could be a bullish signal that could help bulls push the XRP price to new highs.

The Relative Strength Index (RSI) has fallen to the 50 midline, indicating severe selling pressure on the XRP price. However, if bullish traders act like a wedge, the RSI could rise back up to 70, which is overbought territory.

The blue moving average crosses above the orange signal line in a bullish position, indicating signs of a rebound for the MACD above the midline. Moreover, the histogram bars show positive momentum emerging above neutral levels.

If the bullish momentum holds above the descending wedge pattern, the price of XRP could surge to $0.78. A further rise above this level could see the price reach $0.95 in the coming weeks.

However, resistance at $0.75 remains an obstacle for bulls to overcome. In a more corrective phase, bears could push the price towards the $0.45 support zone.

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