- XRP rose 2.2% in 24 hours despite a decline in the broader market.
- One analyst estimates that XRP could surge 500% to its all-time high if it breaks a key chart trend.
As the global crypto market faces a gradual decline, XRP is one of the few cryptocurrencies resisting the trend. Trading at $0.5384 at press time, XRP managed to record a 2.2% price rise over the past 24 hours, thanks to weekly gains of 2.7% on the charts.
While many assets are struggling to regain momentum, XRP appears to be on the verge of an upward trajectory. In fact, some experts are now suggesting that a larger uptrend could soon be on the horizon.
One such expert is popular crypto analyst Javon Marks, who recently shared his optimism. outlook on XRP. Marks highlighted a hidden bullish divergence trend on the XRP chart, which, if broken, could lead to a significant price rise.
Source: Javon Marks on X
He noted on X,
“XRP still appears poised for a price rally that may extend, in strength and value, beyond the comprehension of many. All-time highs of $3,317 and a surge of over 500% could be right around the corner, and yet this is just the beginning of a much bigger climb.
Marks believes that whether XRP returns to its previous all-time high will depend on its ability to break this hidden pattern of bullish divergence, which could trigger an even bigger rally.
XRP Fundamentals and Market Indicators
Although the technical outlook paints a positive picture for XRP, the asset’s fundamentals also appear to support this bullish sentiment.
An important indicator is XRP’s Relative Strength Index (RSI). At the time of writing, it showed a reading of 39, according to data from CryptoQuant.
Source: CryptoQuant
For context, RSI is used to assess whether an asset is overbought or oversold. An RSI value of around 39 suggests that XRP is not in overbought territory, leaving room for potential upward movement.
Additionally, according to Coinglass, XRP’s Open Interest jumped 3.19%, reaching a press time valuation of $713.26 million. Here, Open Interest reflects the total number of derivative contracts outstanding. And a rise in this indicator often indicates growing investor interest.
Source: Coinglass
This rise was also highlighted by the asset’s open interest volume, which jumped 87.98% to $1.33 billion.
The increase in both open interest and volume suggests that there is significant momentum behind XRP, with more traders betting on the asset’s potential gains.
