XRP price has surged by over 30% in the past two weeks and is currently trading at $0.61 at the time of writing. After recovering from the August 5 crash that affected the entire crypto market, XRP has successfully defended the $0.55 support level, which is positive news.
In this article, we analyze different indicators and explore the possibility of XRP rising to a price of $16 in the future.
Rising interest in XRP and RSI analysis
Interest in XRP has increased significantly over the past 24 hours, as evidenced by a 93% increase in trading volume. This is good news, as higher trading volume often indicates growing demand, which can further support XRP’s price.
Additionally, the Relative Strength Index (RSI) suggests that this increase in trading volume may be driven by buying activity. The RSI line made a sharp upward move before briefly dropping and is currently at 55, a neutral zone. This indicates that there is still plenty of room for XRP to move higher.
DMI Analysis: Stronger Uptrend and Fibonacci Targets for XRP
The Directional Movement Index (DMI) reinforces the belief that an upward trend is underway.
The positive Directional Indicator (DI), represented by the blue line, is above the negative DI, represented by the orange line, indicating an uptrend. Furthermore, the increasing distance between the positive and negative DI indicates a strengthening of this trend.
In addition, the Average Directional Index (red line) is also rising, confirming that the upward trend is gaining strength.
This bullish momentum has seen XRP break above the 0.618 Fibonacci level at $0.58. The next target is the 100% Fibonacci level at $0.64, paving the way for a further rally towards $0.73.
Source: https://newsbit.nl/kan-de-xrp-koers-naar-16-dollar-stijgen/
