finbold.com
As $XRP price gained bullish momentum over the past few weeks, macro analyst Investor Jordan, with a massive social media presence, informed his followers that the token has started a parabolic rally to hit at least $15.
The U.K.-based swing trader stated that $XRP price, in the higher time frames (HTF), is back to a support level that yielded parabolic growth in the past, according to an X post verified by Finbold on July 23.
“Feels like $XRP is finally back in the zone where things start going parabolic again. The road to $15+ has started,” Jordan noted.
From a technical analysis standpoint, the analyst argued that $XRP price could rebound from its multi-week rising logarithmic trendline. The analyst highlighted that the altcoin could rally in a similar fashion to its parabolic growth in the fourth quarter of 2024.
The analyst supported his bullish thesis for the token by noting that its weekly Relative Strength Index (RSI) is at the same level as May 2022, which marked the bear market bottom. Additionally, the weekly RSI has been forming a potential bullish divergence in July; thus, Jordan concluded the altcoin is signaling a possible parabolic rally to at least $15 in the near future. With the altcoin’s price trading at $1.13 at press time, the analyst’s target of $15 implies an upside of over 1,227%.
Key factors to affect $XRP price sentiment in the near term
As $XRP technicals signal a bullish rally, its near-term sentiment could be impacted by the whale’s behavior. Essentially, if $XRP whales increase their buying pressure over the coming weeks, the altcoin could invalidate its multi-month bear market by forming a new higher high and higher low.
Already, $XRP whales have been accumulating over the past few weeks, amid notable $XRP Ledger tokenization growth, as Finbold reported. Meanwhile, the token’s community has been debating how to increase the $XRP Ledger’s activity, which remains dismal compared to the number of addresses on the network.
As a result, if the $XRP whales’ sell-off continues to decline amid rising adoption of the XRPL, Jordan’s forecast could be achieved.