Ripple’s XRP experienced a significant surge, climbing over $2.60, marking its highest level in the past ten days. The upward trajectory began after the cryptocurrency hit a low of around $2.30 on Wednesday, accelerating towards the weekend. This rise coincided with a declaration from well-known analyst James Wynn on social media, which appeared to excite the market.
Psychological Breakthrough Driven by Wynn’s Influence
James Wynn, reaching out to his 435,000 followers, announced, “I conducted an in-depth analysis of XRP over the last 24 hours. I’ve decided to invest a significant portion of my assets in XRP. I believe XRP harbors the potential to alter global banking systems.” Wynn’s post garnered 600,000 views within 12 hours, sparking a renewed interest in XRP.
The provocative statement reverberated through the cryptocurrency market, prompting a shift of investor focus back to XRP. Investor communities noted that such announcements serve as psychological catalysts, especially given the historical record of analysts making daring moves that led to both substantial gains and severe losses.
According to data, XRP prepared to close the weekend with a 2.85% increase, even as trading volume fell by 4.5% to $3.9 billion. The drop in volume suggested that individual buyers, rather than large investors, were driving this upward price movement. If XRP closes the day with a third consecutive rise, its total gain over three days will exceed 12%.
Technical Indicators Signal Upward Momentum
Trading around $2.63, XRP approached the resistance band at $2.855. The Relative Strength Index (RSI), positioned at 50.95, indicated a neutral zone, suggesting room for upward movement without excessive buying pressure. Additionally, the Parabolic SAR indicator showed a positive short-term trend shift as its points moved below the price candles.
The price breaking above the middle line of the Keltner Channel at $2.54 supported increased buying pressure. Should the resistance be overcome, the next target is $2.85. Breaking beyond that could open a new target range of $3.00–$3.20. In the event of a pullback, initial support resides at $2.54, followed by $2.22. A daily close below $2.22 could see selling pressure down to $1.77.