XRP price is up 70% in the last seven days to $$0.81 as the cross-border money remittance token continues to defy a market-wide slump led by prominent cryptos like Bitcoin (BTC) and Ethereum (ETH).
Down 2% in the same period, BTC holds dearly to support at $30,000 while ETH struggles to sustain the bullish outlook above $1,900.
Investors Squeezing More From XRP Post Lawsuit Ruling
XRP price spectacularly exploded from a long-standing consolidation in the range between $0.45 and $0.55 to highs not seen since December 2021 at $0.9368.
Although the token native to Ripple’s payments system gave back some of the gains and confirmed support at $0.7, investors in a quest to cash in on the uptrend have managed to send XRP price to $0.8 on Tuesday.
According to David Lawant, who is the head of research at FalconX, an institutional-grade crypto exchange, “The Ripple vs. SEC lawsuit did not generate a broader lasting rally in crypto.”
However, the risk appetite for the cross-border payments token has shifted to digital assets funds, as they seek exposure to XRP. “Index funds are one potential source of additional institutional flow I’m still watching,” Lawant added.
XRP stands out for having a market cap 3.5x that of Cardano (ADA) and Solana (SOL), which are the most significant constituents of index funds “with a weight of a little over 1%” when BTC and ETH are not considered.
“If XRP is included in the underlying indexes, the asset could represent 4-5% of the composition of the top broad crypto indexes,” he said.
Meanwhile, the fourth-largest crypto with $42 billion in market capitalization and boasting $3.3 billion in its 24-hour trading volume has renewed the uptrend from the support recently confirmed at $0.7.
Longs traders would be looking out for a daily close above $0.8 to validate the subsequent move to $1. Based on the Money Flow Index (MFI), funds following into XRP markets significantly surpass the outflow volume, which means that the token is still poised to rally beyond $1.
Still, on the same daily chart, the Stochastic oscillator reveals that buyers have the upper hand, with momentum continuing to back the uptrend. In addition to upholding movement from early July levels slightly above 20, the trend strength indicator broke above a descending trendline, implying that the bullish grip is much stronger now.
In the event of a reversal, short positions below $0.8 may flip profitable with traders eyeing $0.7 and $0.6 as an exit as well as new entries for long bets on XRP.
Is XRP Price Heading to $27?
Egrag Crypto, an analyst with over 31k followers on Twitter predicts that XRP price is on the way to hitting highs of $27. The forecast, based on the Bermuda Triangle chart pattern, shows that XRP will likely extend the ongoing rally to the range between $1.6 and $1.8 – on the weekly chart.
“On the weekly time frame, #XRP should find its balance between $1.6 – $1.8, considered the equilibrium price range.”
Although the analyst cautions a fierce battle between bulls and bears, the token will face “a typical Stratosphere, “where it could soar to new heights or stabilize for some time.”
#XRP Bermuda Triangle $27 (UPDATE):🚀💎🌊
Back on May 1st, 2023, I shared detailed insights into #XRP‘s potential behavior, and now it’s absolutely incredible to see those predictions coming true! 🌟📈 Check out my previous post here: https://t.co/BZVbkDajfa
Let’s dive into the… pic.twitter.com/ohKuiI4diJ
— EGRAG CRYPTO (@egragcrypto) July 17, 2023
Based on the charts shared in the banks, hedge funds and financial institutions will start embracing XRP along with the XRPArmy in the ‘Blue Ocean,’ paving the way for a parabolic climb to $27.
“We’re confidently moving toward our $27 target, ready to Tango gracefully with the Sharks & Whales,” the analyst concluded.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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