XRP Could Rise to $0.74 in the Near Future – Here Are Two Reasons
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- If XRP maintains its upward momentum after breaking out of its descending channel, it could potentially reach $0.74.
- An increase in active addresses coupled with a decrease in supply supports this rise, indicating significant interest among traders.
XRP is on the verge of reversing its extensive losses, showing gains of 5.26% weekly and 4.59% daily—setting the stage for a potential rally.
This possible rally may stem from a bounce off the centerline of the descending channel—a crucial level for accumulated momentum.
XRP signals first signs of a rally
XRP has been confined within a descending channel since November 2023 as seen on the daily chart. It is currently displaying breakout signs, suggesting an upcoming shift in price action.
A descending channel generally indicates bullish prospects as it represents price movements between two key areas while trending downward before leading to a breakout.
XRP’s current trajectory aligns perfectly with this bullish expectation.
If increased buying pressure affects the middle support (depicted by a black line), XRP could surpass the upper resistance line of this channel, potentially driving prices up to $0.74 in the short term. p >
Source: Trading View
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X RP analysis from AskFX suggests that XRP might indeed be geared for an upward movement.
Rising Interest in XRP
Data provided by CryptoQuant recently revealed an uptick in interest surrounding XRP. Following a significant dip in active addresses on September 9, there was a remarkable resurgence to about 8.9k active addresses.
The rebound in active addresses has contributed positively to price increases following substantial losses observed between September 5 and September 6.
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Source: CryptoQuant
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Furthermore, both XRP’s trading price and exchange reserve levels are incrementally increasing concurrently.
Typically this scenario reveals that demand outstrips supply despite rising deposits onto exchanges meant for trading purposes—with these trends reflecting robust interest towards XRP which points towards another possible uptick heading up towards previous targets noted earlier.
