As market interest in Ripple (XRP) continues to heat up, the price of Ripple has been rising steadily on July 18 (today), increasing by 7% within 24 hours, trading at $3.43, with a daily trading volume of $23 billion. The ongoing upward momentum has allowed Ripple to break through the major resistance level that has hindered significant gains for the past eight months, suggesting that Ripple may soon surge to $17.
XRP price is expected to rise 480% to $17.
Retail traders are turning to XRP to avoid missing out on the ongoing upward trend, resulting in a surge of buying pressure that has pushed the price above the resistance level of the bull flag. Based on the height of the pole in this formation, if retail buyers do not run out of funds, XRP price could rise over 480% in the coming months, surpassing $17.
From the perspective of the ADX indicator, the rebound breaking through this bullish flag resistance is strong. After a significant drop in the past six months, the ADX is now turning upward. Currently, this indicator suggests that the price uptrend may persist and could rise by 480%, reaching $17.
Additionally, the rise in RSI indicates that buying pressure is greater than selling pressure, which may support another rebound, as a value of 69 suggests that bullish momentum is currently forming.
The aforementioned bullish prediction for XRP comes as speculation grows that the (GENIUS Act) will drive XRP prices up. Positive changes in U.S. cryptocurrency regulatory legislation are expected in the coming months, which could be one of the factors driving the next round of gains for this altcoin.
Surge in active XRP addresses and a spike in open interest.
In the past 24 hours, the daily number of XRP addresses has increased, indicating a surge in investor interest, which may translate into buying pressure to drive market recovery. According to Santiment data, these addresses increased from 58,000 to 82,000 in one day.
This surge in demand is also reflected in the open interest indicator, which has grown by 12% in 24 hours, currently exceeding $11 billion. With the financing rate rising, open interest has now reached an all-time high, indicating that traders speculating on future performance are opening new positions as bullish predictions for XRP price emerge.
In summary, despite the recent XRP price reaching its highest level in seven years, its upward momentum may still be in the early stages. This rise has pushed XRP to break through resistance levels in a bull flag formation, and with increasing market interest in this altcoin, its price is expected to rebound to $17.
