Analyst Predicts Date for XRP to Hit $4.5

XRP may be on the verge of a significant upward move, with recent price action suggesting a return to bullish momentum. According to cryptocurrency analyst Master Ananda, the token could rally to $4.5 in the near term if current trends persist. Ananda, writing in a June 8 analysis published on TradingView , identified a higher low pattern formed on June 5, which he interprets as a strong signal that the consolidation phase is ending. He also referenced earlier price movements, citing April 7 as a short-term low and May 12 as the recent high. Between these two dates, XRP underwent a 24-day retracement, followed by nearly four weeks of sideways movement. This, according to Ananda, indicates a classic accumulation phase that typically precedes a breakout. His projection points to a direct climb toward $4.51, with the price expected to bypass resistance levels at $2.71 and $3.02. If the bullish trajectory holds, Ananda anticipates XRP could reach this target by early August. However, he also acknowledged that $4.5 could serve as a significant resistance point once tested. Short-Term Performance and Market Behavior XRP has shown signs of recovery from a sharp decline it experienced earlier this month, when prices briefly approached the $2.00 mark. Since then, the asset has bounced back considerably. At its strongest point during the recovery, XRP added approximately $6 billion to its market capitalization in a single day. The token has overcome the $2.30 resistance level and is currently trading at $2.31. Reclaiming this price zone could be key to testing further resistance at $2.50. Trading Activity and Institutional Developments Recent market data supports the view of renewed investor confidence. XRP’s 24-hour trading volume surged by nearly 50%, reaching $2.7 billion. This significant increase in trading activity may reflect growing retail and institutional interest. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Institutional attention may also intensify following Nasdaq’s proposal on June 2 to include XRP in its flagship Nasdaq Crypto Index (NCI). Should the proposal be approved, the asset would be added to the portfolio of the Hashdex Nasdaq Crypto Index US ETF (NCIQ). Such a move could introduce more institutional capital into the asset and further validate its position in the broader crypto market. Technical Overview The 14-day Relative Strength Index (RSI) currently stands at 53.3, indicating neutral momentum with a slight upward bias. While this does not confirm a breakout, it supports the case for continued strength if buying pressure intensifies. Master Ananda’s analysis offers a bullish short-term outlook for XRP, forecasting a potential rise to $4.5 by early August. While this scenario depends on continued technical strength and favourable market conditions, institutional developments and growing trading volume could provide the necessary support for this move. Investors and analysts will be closely monitoring key resistance levels in the coming weeks as XRP approaches critical price zones. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Analyst Predicts Date for XRP to Hit $4.5 appeared first on Times Tabloid .

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