Convergence

Bitcoin

Momentum

XRP price forecast: XRP has experienced a notable price fluctuation over the past 24 hours. The token is hovering below the $0.5 support level, indicating volatility in the market. According to <a rel="nofollow" href="https://coinmarketcap.com/currencies/xrp/">CoinMarketCap</a>, <a href="https://coingape.com/price/xrp/">XRP price</a> is trading at $0.4977, with a slight increase of 0.1%. 
The market capitalization of XRP has also surged, currently standing at approximately $27.65 billion, ranking it seventh in terms of market cap. The 24-hour trading volume has shown a positive trend, surging by 36% at $1.17 billion, suggesting active trading despite the market volatility. 
Bitcoin on the other hand moves sideways above support at $65,000 after a gruesome week characterised by key events like the CPI report and the FOMC meeting. Losing this support could trigger more losses while defending will strengthen for a breakout to $70,000. 
<h2 id="span-style-font-weight-400-xrp-price-forecast-is-a-bullish-momentum-on-the-horizon-span">XRP Price Forecast: Is a Bullish Momentum on the Horizon?</h2> 
XRP price has decreased by 5% over the past month, fluctuating between $0.54 and $0.46. This tight trading range underscores the current struggle for market dominance. 
<figure id="attachment_202763" aria-describedby="caption-attachment-202763" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-202763 size-full" src="https://coingape.com/wp-content/uploads/2024/06/XRPUSD_2024-06-17_14-58-39-e1718626979842.png" alt="XRP Price Forecast: Can XRP Reach $1 in the Next Bullish Run?" width="1200" height="612">
 <figcaption id="caption-attachment-202763" class="wp-caption-text">
 XRP Price Forecast
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</figure> 
XRP has shown a modest 0.15% dip in the past week, reflecting a gradual volatility trend with a slight market correction. This week, XRP has traded within a narrow range, highlighting the ongoing tug-of-war between bulls and bears.&nbsp; 
<h2 id="span-style-font-weight-400-xrp-whale-activity-and-market-impact-span">XRP Whale Activity and Market Impact</h2> 
A significant <a href="https://coingape.com/xrp-whale-dumps-31m-coins-amid-price-dip-whats-next/">XRP</a> whale has offloaded 31 million coins to a centralized exchange, coinciding with a recent price drop. This move has raised concerns among investors about the future of Ripple-backed cryptocurrency. 
Large token dumps to exchanges are usually seen as bearish indicators. They increase the supply and can negatively affect prices. According to Whale Alert, an on-chain transaction tracking platform, a prominent XRP whale transferred 30.350 million XRP to two <a href="https://coingape.com/glossary/centralized-cryptocurrency-exchanges-cex/">centralized exchanges</a> within the past day. 
This substantial transaction, valued at $14.53 million, was mainly directed to Bitstamp, a crypto exchange based in Luxembourg. This shift indicates heightened selling pressure. Such significant sales often trigger bearish sentiments among market participants, disrupting market stability and leading to increased volatility. 
<h2 id="span-style-font-weight-400-technical-indicators-and-future-predictions-span">Technical Indicators and Future Predictions</h2> 
XRP has seen notable fluctuations, indicating potential volatility in the market. XRP could surpass the $0.5 resistance level if the bullish momentum continues. Sustained upward movement may drive the price towards $0.7, possibly reaching $1 during the next bullish run. 
On the other hand, if bearish sentiment prevails, XRP’s value could stabilize around $0.49. A further decline might see the price drop to $0.45, highlighting the <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a> market’s unpredictable nature. 
The daily technical indicators for XRP show mixed signals. The Moving Average Convergence Divergence (MACD) shows a bearish signal, with the MACD line slightly below the signal line.&nbsp; 
<figure id="attachment_202762" aria-describedby="caption-attachment-202762" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-202762" src="https://coingape.com/wp-content/uploads/2024/06/XRPUSD_2024-06-17_14-56-59-e1718626816556.png" alt="XRP Price Forecast: Can XRP Reach $1 in the Next Bullish Run?" width="1200" height="612">
 <figcaption id="caption-attachment-202762" class="wp-caption-text">
 XRP Price Forecast| Source: <a rel="nofollow" href="https://www.tradingview.com/x/0ac2oLsp/">Tradingview</a>
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</figure> 
The<a href="https://coingape.com/glossary/rsi-relative-strength-index/"> Relative Strength Index</a> (RSI) is currently at 47, indicating a balance between buying and selling pressure. The Bollinger Bands on the daily chart demonstrate a notable pattern of volatility. The upper Bollinger Band is currently at $0.5369, while the lower Bollinger Band is around $0.47. 
The post <a href="https://coingape.com/markets/xrp-price-forecast-why-is-xrp-pumping-while-bitcoin-struggles/">XRP Price Forecast: Why Is XRP Pumping While Bitcoin Struggles?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Forecast: Why Is XRP Pumping While Bitcoin Struggles?

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