XRP Price Prediction: Is Ripple’s XRP Making a Comeback After Soaring 9% in One Week?

adminFebruary 17, 2024

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XRP price rose 4% in the last 24 hours. Traded at $0.5730 As of 7:48 a.m. EST, trading volume had increased 15% to $1.79 billion.

The price is up 9% over the past seven days, with many altcoins recovering alongside the rise in Bitcoin price.

This increase coincides with Ripple’s recent announcement of plans to enter the custody business through the acquisition of Standard Custody. This strategic move is seen as an important factor in boosting demand for XRP Ledger services.

Today we are pleased to announce that Ripple has entered into an acquisition agreement. @Standard Custody, strengthening its product offering and adding to its growing portfolio of regulatory licenses globally. Learn more about our latest acquisition: https://t.co/JJp51mEabL
— Ripple (@Ripple) February 13, 2024

Is XRP ready for a new rally as a bull market approaches?

XRP price is bullish and breaks the upper limit of the descending wedge.

XRP price chart analysis Source: Tradingview.com — XRPUSD Chart Analysis Source: Tradingview.com

Since November 2024, the price of XRP has been trending downward, forming a downward wedge. However, the bulls broke the upper boundary of the wedge with support at $0.57. Currently, XRP is in an upward trend and is approaching the $0.600 target, up about 10%.

Additionally, the price is trading above the 50-day and 200-day simple moving averages (SMAs), strengthening the bullish momentum. Additionally, the Relative Strength Index (RSI) is rising towards 65 in oversold conditions and is targeting 70 in overbought territory, which further indicates a bullish trend in the price.

XRP MACD

Additionally, the Moving Average Convergence Divergence (MACD) line (blue) is trading above the signal line (orange), indicating that the upward trend in XRP price remains intact and that there is positive momentum. This is further supported by the upward movement of the green bar, which indicates a continued bullish trend.

XRP price prediction

Long-term analysis of XRP price shows signs of continued bullish momentum as it breaks the upper limit of the descending wedge pattern. This could allow the bulls to push the price higher, targeting $0.75 by sweeping the $0.60 resistance.

However, the 200-day SMA is trading above the 50-day SMA, forming a dead cross at $0.5871. This could be a sign that there is an imminent correction, which could force bears to push the price lower to regain the $0.49 support.

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