XRP rises 2.2% in 24 hours even as broader market registers decline Analysts say XRP could rise 500% to all-time highs if major chart patterns are broken I think that
As the global cryptocurrency market faces a slow decline, XRP is one of the few cryptocurrencies bucking the trend. XRP, which was trading at $0.5384 at the time of writing, was able to record a 2.2% price increase in the past 24 hours on the back of a 2.7% weekly increase on the chart.
While many assets are struggling to regain momentum, XRP appears to be on an upward trajectory. In fact, some experts are now suggesting that a bigger bull market could be on the horizon.
One such expert is popular crypto analyst Javon Marks, who recently shared his bullish outlook on XRP. Marks highlighted a bullish divergence pattern hidden in the XRP chart, and noted that if it breaks, it could lead to a significant price rally.
Source: Javon Marks of X
He says of X:
“XRP is still poised for a price rally, and its strength and value may be beyond the ability of many to understand. It may be on the horizon, but it’s still just the beginning of a much bigger climb.”
Marks believes that whether XRP returns to its previous highs will depend on its ability to break out of this hidden bullish divergence pattern that could trigger an even bigger rally.
XRP fundamentals and market indicators
While the technical outlook painted a positive picture for XRP, the asset’s fundamentals also appear to support this bullish sentiment.
One of the key indicators is XRP’s Relative Strength Index (RSI). According to CryptoQuant data, the reading was 39 at the time of writing.
Source: CryptoQuant
For context, RSI is used to determine whether an asset is overbought or oversold. The RSI value of around 39 suggests that XRP is not in overbought territory and has room to potentially move higher.
Additionally, XRP’s open interest rose by 3.19%, reaching a valuation of $713.26 million at press time, according to Coinglass. Here, open interest reflects the total number of outstanding derivative contracts. And a rise in this indicator often indicates increased investor interest.
Source: Coin Glass
This surge was also highlighted by the asset’s open interest, which increased by 87.98% to $1.33 billion.
The increase in both open interest and volume suggests that more traders are betting on the asset’s profit potential and that significant momentum is building behind XRP.
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