CRYPTOWZRD Reveals XRP Bullish Potential as Price Bounces off Mapped Trendline

CRYPTOWZRD, a popular cryptocurrency analyst, has revealed his daily technical outlook for the XRP price. According to the analyst, XRP closed positive

A popular cryptocurrency analyst, CRYPTOWZRD, has disclosed his daily technical outlook for XRP. According to the analyst, XRP closed bullishly, and further bullish outcomes are to be expected from this position. Additionally, the XRPBTC pair is expected to gain control soon.

XRP Daily Technical Outlook:$XRP closed bullish and we should see a further bullish outcome from the current location although XRPBTC should take more control soon. Our current trade is secured I will be looking to get the next trade ? pic.twitter.com/cWXnlhv6Jn

— CRYPTOWZRD (@cryptoWZRD_) August 7, 2024

Key Trendlines and Targets Highlight XRP Bullish Potential

The shared chart displays the XRP price bouncing off a mapped trendline, coinciding with the recent recovery in the crypto market. Of course, the $0.5 level will be a crucial mark to watch, as long as it remains above this level, the bullish potential for Ripple’s coin remains high.

CRYPTOWZRD also has two rally targets, at the $0.65 and $0.73 levels. If attained, these levels will propel XRP’s price to a new short-term higher high.

Previously, CNF reported that XRP’s price would jump to $1 following a closed-door meeting between the SEC and Ripple, if resulted in a favorable outcome for the company.

Moreover, we revealed that VanEck earlier projected that the price of XRP would jump to $25 per coin if Bitcoin reached $2.9 million per unit. On the other hand, a large movement has been flagged by Whale Alert. A total of 23,373,078 XRP ($12,101,882) moved from Binance to an unknown wallet.

Outflows from exchange wallets can be seen as an attempt to hold for the long term, sometimes known as hodling. Meanwhile, at the time of writing, XRP is trading at $0.5165, up 1.95% over the last 24 hours, with a market cap close to $29 billion.

The present price movement and trend analysis point to sustained upward momentum, assuming that market circumstances stay favorable and external forces do not hinder the ongoing recovery.

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