Ripple’s XRP is experiencing a positive market trend, showing a rise of over three percent in the last 24 hours. Currently, the altcoin is trading within the $1.06 to $1.15 range. This bullish momentum can be largely attributed to speculations surrounding the potential resignation of SEC chair Gary Gensler. Reports suggest that President-elect Donald Trump may appoint a crypto-friendly successor, which has fueled optimism among investors.
Exploring XRP’s Market Position
Despite the current upward trend, XRP’s all-time high (ATH) stands at $3.30. Whether the cryptocurrency can reach this milestone by the end of the year remains to be seen. Analyst Josh from Crypto World provides an insightful price analysis that helps us understand the factors at play in XRP’s market behavior.
Current Price Action
XRP is positioned between a golden pocket and the 78.6% Fibonacci level on the weekly chart, with this level serving as strong resistance around $1.30. Resistance in this context starts at $1.26, extending up to $1.30, marking a significant barrier for the cryptocurrency.
Support Zone
The support for XRP is identified between $0.94 and $1.00, where a previous resistance level has now become a support zone. Should the price pull back, investors can expect support within this range, providing a safety net for the value.
Potential for a Bullish Breakout
A confirmed breakout above the $1.30 resistance could propel XRP towards previous highs in the $1.70 to $2 range. This is a crucial level to monitor for any indications of an upward movement. Such a breakout could signify a strong bullish trend for XRP.
Short-Term Price Pattern
XRP is currently forming a price pattern reminiscent of Cardano’s previous movements. If XRP manages to break the resistance at $1.14, it may continue its bullish trajectory, aiming for the $1.35 mark. Conversely, if it fails to maintain support at $1.08, the price might decline to approximately $0.91 to $0.92, indicating a possible 15% drop.
Comparing XRP with Bitcoin
In the XRP/BTC comparison on the weekly chart, XRP could potentially replicate a pattern observed in early 2021. This pattern, known as a double bottom, previously led to a substantial rise in value. If history repeats itself, XRP might double in value against Bitcoin, presenting gains exceeding 100%.
Conclusion
Ripple’s XRP is showing promising signs of growth amidst market speculations and technical analysis. With potential bullish breakouts and historical patterns indicating possible gains, XRP remains a cryptocurrency to watch closely. Investors should keep an eye on key resistance and support levels as they navigate their trading strategies in anticipation of future market movements.
