XRP Rockets 6% in a Day: Is $0.5687 the Launchpad for $1.40? Analyst Insights

• XRP’s recent surge is supported by a double-bottom formation, signaling an imminent bullish trend.
• Increasing XRP wallet holders with 1M+ tokens indicates growing investor confidence.
• Mixed signals from RSI and MACD suggest uncertainty, but overall sentiment around XRP remains positive.

Ripple’s XRP is gaining momentum and showing bullish tendencies, stimulating a growing interest among investors and traders. XRP’s price has spiked lately, jumping to $0.5687 while registering a 6% increase in just one day. As per EGRAG CRYPTO, an analytic firm, this upward movement is underpinned by technical indicators hinting at a potential breakout, explicitly focusing on the double bottom formation. This classic bullish pattern suggests a forthcoming upward thrust.

#XRP Color Code To $1.4(Update):

Note:
I've updated the consolidation zone to a supply zone and the wicking range to a demand and accumulation zone.

Double Bottom Formation:
The double bottom formation is giving us a strong bullish signal, and I'm highly confident that the… https://t.co/zBwbo5sKuA pic.twitter.com/Vi0j4fFtjn

— EGRAG CRYPTO (@egragcrypto) April 23, 2024

As highlighted by Santiment, a top ana…

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