According to technical analysis, the #XRP token may rise by 20% by the end of August.
On the four-hour candlestick chart for XRP, a bullish divergence is observed, a common signal often indicating a potential trend reversal.
In this case, the price of the cryptocurrency is forming lower lows, while the relative strength index (RSI), a momentum indicator, is forming higher lows. This divergence suggests that recent selling pressure is weakening.
Another bullish signal comes from the daily chart of XRP, where the price is forming a candlestick pattern called 'Dragonfly Doji'. This candle has a long lower wick and almost no upper shadow, with the opening and closing prices near the top of the candle. This indicates that buyers have actively stepped in after early selling pressure. The price of XRP increased by about 65% after a similar 'Doji candle' was formed in April.
In the coming days, a 20% increase may occur in the range from $3.60 to $3.65 if the price breaks through the upper trend line of the wedge and aligns with the Fibonacci line at 0.236 around the $3.07 level.