As a researcher observing the market dynamics of XRP (XRP), I notice an interesting development where the coin’s price is aiming to conclude a daily trading session above its downward-sloping resistance trendline. This trendline, which has historically constrained the altcoin’s price movements, could potentially signal a shift in its price action if successfully breached.
Subsequent spikes over the trendline and beyond the price range of $2.48 to $2.60, consistently, could be a powerful indication from the buyers, possibly culminating in a surge past $2.72.
XRP half-mast flag hints at 260% gains ahead
As a crypto investor, I’m keeping a close eye on XRP, as some market analysts predict it could experience a significant surge in the coming weeks. However, it’s crucial to pay attention to the timing, as perfectly timing the market can be challenging.
A few days ago, an experienced trader named Peter Brandt shared his insights in a post, indicating that the half-staff pattern on XRP’s weekly chart might be finished within the coming six weeks.
A flag flying at half-staff represents a neutral condition that could signal either an upward (bullish) or downward (bearish) movement. This period where the flag is lowered is often viewed as a consolidation, occurring midway through a trend and typically preceding its resumption.
According to the graph, Brandt posits that XRP’s market capitalization could hit $500 billion if its current pattern concludes bullishly. This represents an increase of 262% or a predicted price point of around $6.40. However, it’s important to note that Brandt cautions, this is just a potential scenario.
“This flag in $XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD.”
In much the same vein, crypto trader Mikybull has expressed that an increase in XRP, referred to as an altcoin, is about to happen soon, as it displays a bull flag pattern on its 1-day chart. By applying Fibonacci extension levels, this trader has highlighted an immediate potential goal of $3.74.
If we factor in the flagpole’s height, our long-term goal might reach up to $15, representing a potential increase of 514% compared to XRP’s present value.
XRP price can “move fast above $2.45”
For XRP to hit its predicted bullish prices of around $3.74 and $6.40 in the coming weeks, it needs to surpass the current resistance level, which is situated between approximately $2.48 and $2.60.
On three separate occasions, the price within this range has been limited to around $2.60. On December 17th, there was also a significant sweep of liquidity slightly above the upper resistance level.
As a researcher analyzing the market trends of XRP, I find that the current price positioning seems promising for an upward surge. However, it’s crucial to take note of Charles B. Brandt’s cautionary advice. If the existing resistance persists, there’s a potential risk of a breakdown, which might counteract the anticipated rally.
As a researcher focusing on order flow analysis within the cryptocurrency market, I’ve observed that XRP has been consistently trading within a mid-range for approximately six weeks. The Point of Control (POC), determined by the Volume Weighted Average Price (VWAP) metric, hovers around $2.45. This suggests a significant volume of buy and sell orders at this price level.
The profile is starting to look very balanced indicating a break is soonAny dip into the orange VWAP bands, I will be bidding for longsFull acceptance over $2.45 and things likely start moving fast.
Initially, supporters of XRP need to ensure the day ends with the price above $2.45 for a breakthrough towards the next potential goals at $2.60. If successful, the prices $3.74 and $6.40 may become achievable within the following weeks.
This post serves as a source of general knowledge, but it shouldn’t be construed as legal or financial guidance. The perspectives, ideas, and opinions stated are solely those of the writer and may not align with or reflect those held by CryptoMoon.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
- OKB PREDICTION. OKB cryptocurrency
2025-01-07 14:26