In a provocative forecast, the highly recognized cryptocurrency attorney and fervent supporter of XRP, John Deaton, proposed an intriguing market observation on social media. He opined that XRP, currently valued at $0.48, might not experience any significant fear of missing out (FOMO) in the market until its price soars to the $2 threshold.
Rebound Signs Stir Optimism
Despite a somewhat sluggish onset of the week, XRP – the proprietary digital asset of the Ripple network – manifested signs of reviving towards the weekend. This indicates possible robustness and potency in the network’s performance as the year progresses.
Over the past fortnight, XRP has demonstrated notable resilience, with a price appreciation of approximately 13%. This upward price trajectory can be largely attributed to Ripple’s increasingly strong fundamentals that are driving the accumulation of digital asset.
Technical Indicators Signaling Upside Movement
From a technical perspective, XRP has forged an inverse head and shoulders pattern, which will be finalized upon achieving a break and closing above its neckline. The 20-day exponential moving average (EMA) of $0.45 has been trending upward, while the Relative Strength Index (RSI) has escalated into the positive domain, suggesting an uptrend as the path of least resistance.
Should the bulls manage to sustain the price above the neckline, a rally toward the resistance zone ranging between $0.54 and $0.58 is foreseeable. The projected target for this optimistic setup is $0.55.
The Battle between Bulls and Bears Continues
Analyzing the four-hour chart, XRP finds itself in a rigorous contest between the bulls and the bears around the neckline. The ascending 20-EMA and the RSI within the positive territory signal a slight advantage to the buyers.
If the price successfully rebounds off the 20-EMA, the likelihood of a break above $0.48 increases, possibly triggering an upward movement. Conversely, if the price drops and breaks below the moving averages, the short-term advantage could be swayed toward the bears, causing the token’s price to retreat to $0.44.
XRP was worth $0.47 at the time of writing this article.