XRP is off to a strong start this year, climbing 14% in just the past 7 days as momentum builds across the altcoin market.
A breakout above a key trend line resistance now supports a bullish XRP price prediction for the weeks ahead.
Buying pressure is rising fast, with trading volume up 21% in the past 24 hours, representing 2.6% of the token’s circulating market cap.
After five straight days of green candles, XRP has broken its bearish structure, opening the door for a potential rally if the trend continues.
Meanwhile, market sentiment has been improving. The Fear and Greed Index has already reached 42 and has entered Neutral territory after hitting a record low of 11 (Extreme Panic) in late November.
XRP exchange-traded funds (ETFs) have also received a strong wave of inflows since their launch in the U.S. These vehicles already managed to bring in positive inflows for 33 consecutive days. This is also a positive indication that investors are piling into the token.
At the time of writing, the combined amount of assets held in these vehicles has increased to $1.2 billion. Wall Street’s strong interest in XRP could have built up the necessary floor for this token to climb to new heights.
XRP Price Prediction: Move to $3 Seems Likely After Major Bullish Breakout
The daily chart indicates that XRP has just broken out of its descending price channel.
The $1.95 area was a critical structural level that had previously kept a lid on XRP.
With the price now nearing $2.20, the token’s bearish price structure has been invalidated. XRP could now find support at $1.95 in the next few days to build its first leg.
As long as that support area holds, we could witness a strong move to $3 in the next few weeks.
Meanwhile, the Relative Strength Index (RSI) has sent a strong buy signal after rising above the 14-day moving average and pushing past the mid-line.
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The post XRP Price Prediction: Years of Waiting Might Finally Pay Off – Is This the Breakout Everyone’s Been Hoping For? appeared first on Cryptonews.
