As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market cycles and trends. When it comes to XRP (XRP), the current chart structure is indeed quite compelling. The weekly close at $2.60, the first higher high-top since January 2018, and the multimonth breakout above key resistance at $2 on the monthly chart are all strong indicators of bullish momentum.
Over the past week, the value of XRP reached a peak of $2.60 – its highest weekly closing price in years. This is also XRP’s first instance of reaching a new high point since January 2018, which is about seven years ago.
As an analyst, I’m observing a significant development with this altcoin. The monthly chart shows a prolonged breakout beyond a crucial resistance level at $2, which has prompted me to hold a favorable view regarding its market structure.
XRP’s chart is “the most powerful chart”
As a researcher delving into the dynamic world of cryptocurrencies, I’ve come across an intriguing perspective from Peter Brandt, a seasoned trader in the field. In one of his posts, he expressed that XRP boasts the most potent chart within the crypto sphere right now. Upon examining the token’s weekly market cap graph, Brandt emphasized XRP’s impressive breakout beyond a multimonth symmetrical triangle formation, with its value hovering close to its all-time high of $3.40.
Brandt’s remark implies that the trader anticipates a rise in the value of the altcoin. The market setup strongly suggests a surge of bullish energy and power in the cryptocurrency.
For a brief span, self-employed trader Dom identified $2.67 as the “critical point to reverse” for the trend’s persistence to continue.
In the context of a one-hour chart, it was pointed out that reaching $2.60 last week was a beneficial step. However, converting previous resistance into future support is crucial for the token’s performance, according to the trader.
“While it’s a good bounce, we must note ~$2.67 zone is the most important level to flip, anything under is noise.”
Nevertheless, although XRP experienced a positive recovery in November, Rajat Soni, a personal finance expert, holds a different perspective. In a recent post, he expressed his view that XRP’s price surge over the past month is “unusual,” suggesting it appears to be a “pump-and-dump” scheme. Additionally, Soni stated his concerns about this situation.
“If you can’t see that this is a scam, you deserve to be scammed.”
XRP bullish pennant targets new highs
Technically speaking, the 4-hour chart for XRP indicates a bullish trend, which in the past has reached the Fibonacci extension levels of the tokens following a strong breakout.
According to the graph, XRP’s 4-hour chart shows a bullish pennant pattern similar to the one observed last month, which propelled XRP’s value beyond the significant resistance level of $2. The current situation mirrors these bullish indicators, as the price is currently testing the 50-day moving average level and retesting the relative strength index (RSI) around the 50 threshold.
By aligning the bullish trend with the preceding confirmations, Ripple (XRP) reached its projected Fibonacci extension levels at 1.618 and 2.272. If a similar breakout happens in the coming weeks, there’s a possibility that Ripple could surpass its previous all-time high of $3.80. At present, this level serves as its immediate objective, determined by the extension levels.
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2024-12-09 19:41