As XRP price gained bullish momentum over the past few weeks, macro analyst Investor Jordan informed his followers that the token has started a parabolic rally.
The U.K.-based swing trader stated that XRP price, in the higher time frames (HTF), is back to a support level that could yield a parabolic growth to at least $15.
“Feels like XRP is finally back in the zone where things start going parabolic again. The road to $15+ has started,” Jordan noted in an X post on July 23.
From a technical analysis standpoint, the content creator argued that the token could rebound from its multi-week rising logarithmic trendline. The analyst highlighted that the altcoin may rally in the near future, similar to its parabolic growth during the fourth quarter of 2024.
He supported his bullish thesis for the token by noting that its weekly Relative Strength Index (RSI) is at the same level as May 2022, which marked the bear market bottom. Additionally, the weekly RSI has been forming a potential bullish divergence in July; thus, Jordan concluded the altcoin is signaling a possible parabolic rally to at least $15 in the near future. With the altcoin’s price trading at $1.13 at press time, the analyst’s target of $15 implies an upside of over 1,227%.
Key factors to affect XRP price sentiment in the near term
As XRP technicals signal a bullish rally, its near-term sentiment could be impacted by the whale’s behavior. Essentially, if XRP whales increase their buying pressure over the coming weeks, the altcoin could invalidate its multi-month bear market and follow Jordan’s forecast.
Already, XRP whales have been accumulating over the past few weeks, amid notable XRP Ledger tokenization growth, as Finbold reported. Meanwhile, the token’s community has been debating how to increase the XRP Ledger’s activity, which remains dismal compared to the number of addresses on the network.