Ripple CEO Brad Garlinghouse's appearance on Fox Business coincided with the XRP price rally. XRP price yielded nearly 30% gains overnight, rising from the $0.39s to a high above $0.50 in a matter of hours.

TraderSZ, a crypto analyst and trader evaluated the XRP price trend and predicted a rally to a $0.90 target. After breaking past the $0.50 level the altcoin is ready to eye $1, considered a key psychological barrier for the altcoin.

Accumulation by whales is typically considered bullish. This is the second key driver of XRP price rally. The optimism surrounding a favorable outcome for payment giant Ripple in the lawsuit and activity by sharks are driving XRP price higher.

XRP price currently auctions at $0.50. A clear five-wave impulsive pattern is shown on smaller time frames while the Relative Strength Index has breached extremely overbought conditions. A Fibonacci Retracement tool surrounding the sharpest incline shows a 61.8% Fib level at $0.45. A fall into this level would be a 20% drop from the recently established highs.

The volume profile is persistently tapering upon each consolidation while more volume pours during impulsive rallies. The volume pattern hints at the possibility of a $0.60 XRP in the coming days, but the drop to $0.45 stands a high chance of occurring. A breach of the $0.5590 high could invalidate the thesis of a pullback to $0.45 and kick off the next wave in the process.

An influx of volume has entered the market, compounding the idea that more gains will come for the digital remittance token.

Ripple has given a prominent hawkish breakout

Sep 23 2022