Ripple’s XRP is experiencing positive momentum, with a notable increase of over three percent in the past 24 hours. Currently, the altcoin is trading within the range of $1.06 to $1.15. This bullish trend is partly fueled by speculations surrounding the potential resignation of SEC chair Gary Gensler. Reports suggest that President-elect Donald Trump is considering appointing a more crypto-friendly chairman to succeed Gensler. Despite the current upward trend, XRP’s all-time high (ATH) remains at $3.30, raising questions about whether the bulls can achieve that mark by year’s end.
In-Depth Price Analysis by Crypto Analyst Josh
Current Price Action
XRP is navigating between a ‘golden pocket’ and the 78.6% Fibonacci level on the weekly chart. The 78.6% Fibonacci level, which serves as a robust resistance point, is positioned around $1.30. Resistance begins at $1.26 and extends up to $1.30, creating a challenging zone for price movement.
Support Zone
The support for XRP is identified between $0.94 and $1.00. A former resistance level is now functioning as support within this range. Should the price experience a pullback, traders can expect support to manifest in this zone.
Bullish Breakout Scenario
A confirmed breakout beyond the $1.30 mark could propel XRP back towards previous highs, ranging from $1.70 to $2. This level is critical, and any movement above it could signal a strong upward trajectory for the altcoin.
Short-Term Price Pattern
XRP is currently forming a pattern reminiscent of Cardano’s. If XRP manages to break the resistance at $1.14, a bullish continuation could ensue, with targets set at $1.35. Conversely, if support at $1.08 is breached, the price might decline to approximately $0.91 to $0.92, indicating a potential 15% drop.
Bitcoin Comparison
Analyzing the XRP/BTC pairing on the weekly chart reveals the possibility of XRP replicating a pattern observed in early 2021—a double bottom that resulted in a significant surge. Should this pattern recur, XRP could potentially double its value against Bitcoin, offering gains exceeding 100%.
In conclusion, while Ripple’s XRP is currently enjoying a bullish phase, several factors, including resistance levels and market patterns, will play crucial roles in determining its future trajectory. Investors and traders should monitor these dynamics closely to make informed decisions.
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