XRP price is up 76% in the past seven days to $0.83 as the cross-border remittance token continues to weather a market-wide slump led by prominent cryptos such as Bitcoin (BTC) and Ethereum (ETH). Dropping 2% over the same period, BTC is holding on to support near $30,000, while ETH is struggling to hold its bullish outlook above $1,900.
Investors are squeezing more out of XRP after lawsuit
XRP price exploded spectacularly from a prolonged consolidation in the range between $0.45 and $0.55 to highs not seen since December 2021 at $0.9368. While the token sourced from Ripple’s payment system returned some of its gains and confirmed support at $0.7, investors in a quest to capitalize on the uptrend managed to send XRP price to $0.8 on Tuesday.
XRP/USD Weekly Chart | Trade view
According to David Lawant, head of research at FalconX, an institutional-grade crypto exchange, “The Ripple vs. SEC lawsuit has not led to a broader, sustainable rally in crypto.”
However, the risk appetite for the cross-border payment token has shifted to digital asset funds as they seek exposure to XRP. “Index funds are a potential source of additional institutional flow that I continue to monitor,” Lawant added.
XRP stands out with a market cap of 3.5x that of Cardano (ADA) and Solana (SOL), which are the main constituents of index funds “weighing just over 1%” when excluding BTC and ETH.
“If XRP is included in the underlying indices, the asset could represent 4-5% of the composition of the major broad crypto indices,” he said.
XRP Price Analysis: Next $1?
Meanwhile, the fourth-largest crypto with a market cap of $42 billion and a 24-hour trading volume of $3.3 billion has renewed its uptrend from the recently confirmed support at $0.7.
Longs traders would look for a daily close above $0.8 to validate the subsequent move towards $1. Based on the Money Flow Index (MFI), funds tracking XRP markets significantly outperform outflows, meaning the token is still poised to surge above $1.
XRP/USD Daily Chart | Trade view
Still, the stochastic oscillator on the same daily chart reveals that buyers have the upper hand, with momentum continuing to support the uptrend. In addition to maintaining the move from early July levels just 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 could become profitable, with traders seeing $0.7 and $0.6 as exits, as well as new entries for long bets on XRP.
Is the XRP Price Going to $27?
Egrag Crypto, an analyst with more than 31,000 followers on Twitter, predicts that XRP price is heading for a high of $27. The forecast, based on the Bermuda Triangle chart pattern, shows that XRP is likely to extend its ongoing rally into the range between $1.6 and $1.8 – on the weekly chart.
“On the weekly time frame, #XRP should balance between $1.6 – $1.8, considered the equilibrium price range.”
While the analyst warns of 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 (UPDATED):🚀💎🌊
On May 1, 2023, I shared detailed insights #XRP‘s potential behavior, and now it’s absolutely incredible to see those predictions come 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 are confidently moving toward our $27 goal, ready to gracefully tango with the Sharks & Whales,” the analyst concluded.
John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience abreast of the latest crypto news, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.
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This post Institutional Interest May Explode XRP Price; Can XRP Price Reach Double Digits?
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