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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions
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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Crypto Analyst Predicts XRP Price Will Reach $1.35 As These Metrics Heat Up

Scott Matherson
Scott Matherson
1 year ago
4 mins read
XRP

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XRP  has experienced a small decline in value over the past few days, coinciding with a period of consolidation in the broader cryptocurrency market after four weeks of consecutive price increases.

Although data from CoinMarketCap at the time of writing puts XRP being up by 1.78% in the past 24 hours, a larger seven-day timeframe shows it is still down by 8.68%. On the other hand, price metrics including open interest on futures contracts and a bullish divergence with the RSI indicate the potential for a significant increase in the value of the token in the near future. 

Crypto Analyst Sees Solid XRP Price Action

According to crypto analyst Will Taylor known as Cryptoinsightsuk on social media, XRP is showing signs of bullish momentum that could drive the price up to his target of $1.35. The analyst took to social media platform X to point out two metrics indicating a bullish price and explain their significance.

Finally, $XRP.$XRP actually looks rather different to the other charts I’ve have just discussed.

We had $100m+ of OI added to the market in the highlighted spike (on the day of the fake ETF news).

Since this time, price has moved down and OI has stayed relatively flat. This… https://t.co/qkruUPopJ7 pic.twitter.com/SY9pEZs5mr

— Cryptoinsightuk (@Cryptoinsightuk) November 17, 2023

Exchange data shows more than $100 million of open interest on futures contracts was added to the XRP ecosystem on the day of the fake news surrounding BlackRock’s XRP ETF filing. XRP also experienced a significant price jump of 16% to $0.75 simultaneously. However, Cryptoinsightsuk pointed out that while the crypto has since lost this price spike, the amount of open interest has stayed relatively the same. 

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According to the analyst, since the price of XRP has gone down, the amount of open interest on futures contracts remaining the same means they are probably short trade positions. “This shows me, there are HUGE shorts on $XRP right now,” he said.

Taking a glance at the price chart that the trader provided indicates the formation of lower highs and lower lows by XRP. The recent action was a bounce up and it is now approaching the descending upper trendline formed by the lower highs. He noted that a break above the descending trendline could be the start of an uptrend for XRP.

Total crypto market cap is currently at $1.3 trillion. Chart: TradingView.com

This might encourage people to cover their open short positions or close them out by placing buy trades, which in turn could lead to a more aggressive breakout in the market.

“This could cascade stop losses to the upside and push XRP on a fast move,” he said.

Bullish Divergence With The RSI

The trader also noted the recent creation of a higher low in XRP’s price created a bullish divergence with the RSI overbought/oversold indicator. This bullish divergence demonstrates that bulls are poised to regain control of the market and that bears are beginning to lose momentum. 

“XRP will get sent to my target range of $0.89 – $1.35,” he predicted.

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Cryptoinsightuk had initially created a daily countdown for an XRP price blast-off to a target of $1.06. However, the countdown has ended and XRP is yet to blast off. 

“I was wrong on the date, but this is inevitable I feel,” the analyst said.

Featured image from Pexels

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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