XRP Price Rockets 19.45% in 24 Hours: Analyst Predicts $2.30 Target

Captain Faibik’s Bold XRP Prediction: Mega Bullish Rally Ahead

XRP has experienced a remarkable surge of 19.45% in the past 24 hours, reaching a price of $0.615193. The trading volume has exceeded an impressive $5.6 billion. This bullish momentum has caught the attention of crypto enthusiasts and analysts alike.

Captain Faibik’s Bold Prediction

Well-known crypto analyst Captain Faibik has made a bold prediction: XRP is poised for a “mega bullish rally” with a midterm target of $2.30. This surge would represent a significant price increase from its current level.

$XRP Mega Bullish Rally incoming so Don't miss the Ride..🏄‍♂️

Midterm target : 2.30$#Crypto #XRP #XRPUSDT #XRPCommunity pic.twitter.com/hb0pfGlHoi

— Captain Faibik (@CryptoFaibik) August 8, 2024

Faibik’s optimism is based on several key factors:

1. Technical Indicators: XRP is exhibiting a distinct uptrend, characterized by higher lows and higher highs. The cryptocurrency trades above the 20-day and 50-day simple moving averages (SMA), reinforcing the positive market sentiment.

2. Increased Trading Volume: The surge in trading volume, accompanied by several spikes, further validates the bullish outlook. Growing buying pressure is evident from the upward trend in the 9-period SMA of the volume.

3. MACD Indicator: The Moving Average Convergence Divergence (MACD) indicator supports the bullish case. The MACD line has crossed above the signal line, signalling potential upward momentum. The MACD histogram has also turned positive, reinforcing the likelihood of continued price appreciation.

4. Legal Clarity: Ripple’s legal situation is also being considered. Attorney Jeremy Hogan clarified in a tweet that most of Ripple’s XRP and On-Demand Liquidity (ODL) sales occur outside U.S. jurisdiction and are not subject to the recent court ruling. This legal clarity further boosts XRP’s potential.

I see lots of questions re what the injunction means for ODL sales. I don't see it changing the status quo AT ALL, for the following reasons:

1. As Ripple has stated, the majority of its XRP and ODL sales are outside the U.S. jurisdiction and not subject to the ruling. Those… pic.twitter.com/3GimWEcp0c

— Jeremy Hogan (@attorneyjeremy1) August 7, 2024

Room for Upside Movement

According to CoinEdition, the Relative Strength Index (RSI) currently hovers around 58, placing XRP in neutral to slightly overbought territory. This balance suggests there may still be room for upward movement without immediate risk of a sharp reversal.