Introduction to XRP’s Market Performance
Ripple’s XRP is experiencing a positive shift in the market, showing an increase of over three percent in the last 24 hours. This upward trend places the altcoin within the $1.06 to $1.15 range. Speculation surrounding SEC chair Gary Gensler’s potential resignation is believed to be a contributing factor to XRP’s bullish momentum. Reports suggest that President-elect Donald Trump may appoint a crypto-friendly chairman to take over, potentially affecting the market.
Analyzing XRP’s Price Movements
Current Price Action
On the weekly chart, XRP is navigating between a golden pocket and the 78.6% Fibonacci level. The 78.6% Fibonacci level poses a significant resistance around $1.30, with the resistance range beginning at $1.26 and extending up to $1.30.
Support Zone
XRP finds its support between $0.94 and $1.00. This area was previously a resistance level, now turned support, providing a safety net if the price pulls back.
Potential Market Scenarios for XRP
Bullish Breakout Scenario
If XRP manages to break through the $1.30 resistance, it could surge towards previous highs in the $1.70 to $2 range. This breakthrough would mark a critical point for a potential upward trend.
Short-Term Price Pattern
XRP is developing a pattern similar to that of Cardano. Should XRP break the resistance at $1.14, a bullish continuation could propel it towards the $1.35 target. Conversely, if support at $1.08 fails, the price might drop to approximately $0.91 to $0.92, indicating a potential 15% decline.
XRP vs. Bitcoin: A Comparative Analysis
On the weekly chart, XRP/BTC is showing signs of potentially repeating a pattern seen in early 2021. This was when a double bottom led to a significant price rise. If this pattern recurs, XRP could potentially double in value against Bitcoin, suggesting a gain of over 100%.
