XRP price is dropping today as the broader cryptocurrency market slips, with traders booking profits over the weekend. As of July 19, XRP was trading at $3.45, a notable drop from its 24-hour high of $3.53. Despite this drop, a technical bullish structure remained intact, suggesting that a 480% surge to $17 was close to happening.
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XRP Price Gears for 480% Rally to $17
Retail traders are shifting towards XRP to avoid missing out on the ongoing rally, and the resulting surge in buying pressure has allowed the price to gain above the resistance of a bull flag. Based on the height of the flag pole in this pattern, the XRP price might register a rally of more than 480% in the coming months that pushes it above $17 if retail buyers do not reach a point of exhaustion.
The rally that is beginning above the resistance of this bullish flag seems strong based on the ADX indicator, which is changing its course to tip north following a drastic drop in the last six months. This indicator is now showing that the rise in price might continue and could result in a 480% increase to $17.
Additionally, the rising RSI also shows that buying pressure is higher than the selling pressure, and this might support another rally, considering that the value of 69 shows that a bullish momentum is currently in play.