XRP Price Retests Support with a Potential $10 Target

Promising XRP technical analysis points toward promising growth potential, as the SuperTrend indicator on the 12-hour chart turns bullish. This tool, designed to identify trends, helps investors gauge whether an asset is in a bullish or bearish phase.

According to crypto analyst Ali Martinez, this signal holds particular significance. The last time the XRP 12-hour SuperTrend flipped bullish, the asset went on to experience a remarkable 470% price surge. Using this pattern as a reference, Martinez suggests that XRP could reach $10 if the trend continues.

The last time the SuperTrend indicator flipped bullish on the 12-hour chart, $XRP went up 470%… It just flipped bullish again. ? pic.twitter.com/tqj40dO9nV

XRP Price Retests Support with a Potential $10 Target

At press time, XRP trades at $2.44, having risen by 2.55% in the last 24 hours, and boasts a market valuation of $140 billion. Over the past seven days, the altcoin enjoyed a 18.41% increase, and has successfully retested the $2 support level after hitting a multi-year high of $2.86, according to CoinMarketCap.

Veteran trader Peter Brandt took to X (formerly Twitter) to highlight that XRP’s weekly market cap chart appears to be forming a half-mast flag, which is a continuation pattern that could indicate further price action. According to Brandt’s analysis, if this formation completes successfully, XRP’s market cap could reach $500 billion. However, he cautions that this pattern must resolve within six weeks to remain valid.

Read also: Ripple CTO Pushes Back on Incentive Debate Surrounding XRPL

Market Factors Influencing XRP’s Future Growth

As evident from the daily chart below, the Relative Strength Index (RSI) for the XRP token reads a value of 60.27 at the time of writing. This indicator measures the strength of a trend by comparing the magnitude of recent gains to recent losses. In this case, the RSI suggests that the bulls are overall in control of XRP’s price action and the gradient of the line indicates higher prices are possible.

However, a closer examination of the chart reveals that the buying volumes have taken a dip recently, especially when compared to the levels witnessed in November and December. But, as the pro-crypto administration of Donald Trump is set to begin on January 20th, the market could be preparing for a massive rally.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.