XRP, the third-ranked cryptocurrency in the world has just experienced a massive 13% surge towards $0.30 but was not able to climb above the level. XRP’s trading volume also increased almost by 100% in the last two days.
The current XRP price is $0.294 after a slight rejection at $0.30, however, bulls still have a lot of momentum and can easily climb above this psychological level in the next few hours. On Bitfinex, the digital asset has seen an enormous increase in trading volume on the candlestick formed on August 1.
XRP Price Short-Term Forecast: Bullish
Obviously, it doesn’t take an expert to see that XRP is heavily bullish in the short-term. The daily uptrend is extremely strong but the RSI is overbought at 89 points and indicates a pullback is nearby. Unfortunately, XRP is still underperforming compared to ETH or BTC as it still hasn’t hit its 2020-high at $0.346.
The next most important resistance level is found at $0.309, formed in February 2020. Bulls will then finally face the 2020-high. If XRP price starts to consolidate, buyers can use the 12-EMA at $0.245 for support.
XRP Price Long-Term Forecast: Bullish
Let’s first take a look at XRP’s weekly chart. It is obviously bullish and in an uptrend but there are still a few resistance levels to beat. The trading volume is increasing and the RSI is not yet overextended. Bulls are currently also facing the 200-EMA resistance at $0.3045, so there is a strong resistance area between $0.30 and $0.31.
Now that’s not everything positive for XRP, according to Santiment, the number of whales has increased dramatically over the past month.
The chart above shows XRP investors with 10,000 or more coins has increased from 66,217 to 67,447, a decent increase over the past month. More importantly, holders with at least 100,000 XRP coins ($29,000) also increased from a low of 9,861 to 10,165.
Now, the heavy bags, holders with at least 1 million XRP coins ($290,000) have increased from 826 to 843, and whales with 10 million or more XRP coins also increased from 461 to 465.
Considering XRP is blasting through resistance levels and hitting new monthly-highs, the increase in holders shows great interest for XRP as one would expect whales to start taking profits not increase their holdings.
XRP Monthly Chart Analysis
The most important chart for XRP in the long-term is certainly its monthly chart. The digital asset has been in a downtrend since December 2017 but a breakout above $0.346 would confirm an uptrend.
The next resistance level is located at $0.319, which is the 26-EMA but of course, XRP is also facing all the other short-term resistance points. The RSI is practically in the middle here and will not have any significant impact on XRP’s price.
Bulls would love to see XRP close above the 26-EMA this month and consolidate into another leg up above the resistance at $0.346 confirming a monthly uptrend. They would also want to see increasing bull volume this month which is almost guaranteed if the overall positive sentiment continues like this.