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XRP bulls unleashed: $1 within reach as two key indicators come together

source-logo  finbold.com 29 February 2024 15:04, UTC

With the general frenzy in the cryptocurrency market that has led its representative asset, Bitcoin (BTC), to cross a massively important price target at $62,000, it is no surprise that others are following suit, including XRP, which could be looking at a rally toward $1.

Indeed, the XRP token, which has surpassed the psychological threshold at $0.60, has closed above the daily Ichimoku Clouds and with a bullish hammer, expecting to target $1, according to the observations shared by pseudonymous crypto trading analyst Dark Defender in an X post on February 29.

Specifically, Ichimoku Clouds refer to a collection of technical analysis (TA) indicators that show support and resistance levels, as well as momentum and direction – including a nine-period average, a 26-period average, an average of those two averages, a 52-period average, and a lagging closing price line.

On the other hand, a bullish hammer is another indicator that refers to the specific candlestick chart pattern that suggests an asset has found its bottom and is looking at a trend reversal, indicating a possible move to the upside for XRP, in this case above the orange line.

XRP price analysis

As it happens, this is exactly what XRP has done and is currently changing hands at the price of $0.6037, recording an increase of 3.49% in the last 24 hours, in addition to gaining 11.91% across the previous seven days, as well as accumulating an advance of 14.68% on its monthly chart.

In conclusion, XRP looks ready to race toward the critical price threshold at $1, and perhaps even beyond it, particularly if the bullish momentum coincides with positive developments in the legal battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.