XRP’s price seems to be gearing up to rally towards the $0.70 level as alternative cryptocurrencies are starting to see more activity. The recent pump has been primarily driven by Bitcoin’s surge, which has led to increased interest.
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This heightened investor interest has resulted in more capital inflow into the broader crypto market and created a ripple effect, causing other cryptocurrencies to follow suit.Adding fire to the bullish sentiment, a top crypto analyst presented a bullish scenario on XRP’s price potential.
The current market conditions could be the best time for investors to add more XRP to their portfolio.
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Keep reading to learn more.
Dark Defender’s XRP Analysis Unveils Bullish Trend – What Does This Mean for the Coin?
In a recent analysis, crypto analyst Dark Defender provided insights into XRP’s price movements using the Elliott Wave Theory and other technical indicators. This approach analyzes how traders feel about the market using particular wave patterns.
According to Dark Defender, XRP has been in an uptrend since January 2023, undergoing an “ABC” correction phase until February 2024. This set the stage for a new bullish wave sequence.
Further, the analyst sees XRP heading to Wave (3), the longest and strongest Wave in the pattern.
This could push XRP towards $0.81. After the price hits Wave (3), Dark Defender believes there will be a correction in Wave (4). This will potentially cause XRP to dip to around $0.75.
Following the slight downward movement, another push will be upward to a final Wave (5), aiming for the $0.92 to $1 range by late March.
As mentioned, the analyst didn’t use only Elliot Wave to do his analysis; instead, Dark Defender added more, making its analysis more professional. Dark Defender’s analysis used Fibonacci retracement levels to identify potential support and resistance points.
Hi all. I hope you had a great weekend.
Let’s first check our previous pattern & update it.#XRP strolling strictly around our Fibonacci level at $0.6462. The lines are clear & accurate.
Checking MACD, Ichimoku & RSI indicators, XRP is expected to continue the uptrend as we… pic.twitter.com/fetf2IH7nl
— Dark Defender (@DefendDark) March 4, 2024
In the chart above, XRP recently broke above a key downtrend resistance line, which is now expected to act as support. However, the 161.8% Fibonacci level at $0.6462 on the chart remains a notable challenge, having already rejected XRP’s price multiple times.
Overcoming this barrier is crucial for Wave (3) ‘smomentum. The analysis predicts that during Wave (3), XRP might go up a lot, maybe around $0.7707. Then, in Wave (4), it might drop back below that same level for a bit.
What This Means for XRP?
Dark Defender’s wave analysis and indicators like MACD, Ichimoku Cloud, and RSI suggest a continued bullish trend for XRP.
If the analysis holds, XRP could rally toward the $1 level by late March. Investors who take the opportunity now will profit more than 56% from its current price.
XRP is traded for $0.69, representing a 24-hour increase of over 1%.The price change is not significant at the moment, but looking at the longer timeframes, the bulls are in control. XRP has recorded an increase of 14.54% in the past seven days.
Adding to this, millions have been injected into the XRP market. This capital could fuel the predicted uptrend and validate the technical analysis.
XRP Investment Surges: $2.5M Inflows Amid Crypto Market Boom – Good Sign for Price?
XRP is attracting much investment lately, with $2.5 million flowing into the cryptocurrency. This comes as the overall crypto market sees massive inflows from investors looking for profits and diversification.
Massive Bitcoin inflows continue with a further US$1.8bn, US ETFs dominatinghttps://t.co/qCLgZM2RYb
— James Butterfill (@jbutterfill) March 4, 2024
According to a recent CoinShares report, crypto investment products recorded inflows totaling $1.84 billion in a week. Trading volumes also hit a new high of over $30 billion.
Most (94%) of these inflows went into Bitcoin at $1.72 billion. Ethereum also saw $85 million in weekly inflows.
While Bitcoin dominates, XRP has managed to stand out among other altcoins. Some cryptocurrencies even experienced outflows last week. For example, Solana had $12 million in outflows, while Binance ($0.4M), Litecoin ($1.2M), Cardano ($0.3M) and Chainlink ($1.6M) saw lower inflows compared to XRP’s $2.5 million.
The substantial inflows into XRP could signal investors positioning for potential price gains.But to better understand where XRP may be heading, check out the technical analysis below.
XRP Technical Analysis: XRP Poised for Further Gains
The price of XRP is showing very bullish signals and has recently broken above a key bearish trendline (green dotted line).Many technical indicators are reinforcing the strength of this upward momentum, suggesting more rallies could be on the horizon.
Firstly, the SuperTrend indicator is giving a buy signal for XRP. This indicator helps identify the trend direction and market entry/exit points. A buy signal means the SuperTrend has turned green, indicating the current uptrend is robust and likely to continue.
The Money Flow Index (MFI) for XRP is above 60. An MFI reading over 60 is considered bullish as it shows intense buying pressure in the market.
XRP’s price currently tradesabove the Bollinger Bands indicator, supporting these bullish signals. This suggests the bulls are in control and stronger than the bears.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator also validates the uptrend.
The MACD line is above the signal line, a bullish signal showing that momentum is increasing. In summary, the break above the bearish trendline combined with bullish SuperTrend readings, MFI, Bollinger Bands, and MACD paint an optimistic picture for XRP’s price trajectory shortly.
However, it’s crucial to remember that technical analysis is not foolproof, and unexpected events can permanently disrupt even the most vital trends. If you’re not entirely convinced about XRP’s potential, you could consider exploring other promising crypto projects like SMOG.
Ripple Alternative: Investors Turn Eyes to Smog Token
Traders in the crypto space are backing this new project, the Smog token. They believe the token could be the next thing in the industry. One unique thing about this Solana-based project is the airdrop initiative. The project is hosting the biggest airdrop in the history of crypto.
With this method, holders can accumulate more Smog tokens without buying them. But to earn this token, users need to engage in posts and tasks and have more points.
The project has a cool campaign, Zealy, where users can earn more airdrop points by following Smog on X.com or joining the Telegram group.
Many people are interested in the Zealy campaign, with over 600,000 tasks already finished. This shows that people are excited about the upcoming airdrop.
Smog Token ($SMOG) Surges 160% to Hit New All-Time High: Experts Eye $1 Billion Market Cap
Smog Token ($SMOG) has surged this week, setting a new all-time high price at $0.1229 after climbing 160%.The project now has an $85 million market cap. Experts predict further increases before hitting $1 billion.
If bulls break the $0.1229 resistance, higher resistance lies at $0.137, $0.15, and $0.167.
Key supports are $0.1, $0.093, $0.847, and $0.075.Rush now to buy $SMOG on their website or Jupiter DEX before the price surges again.
