Ripple’s XRP has been on a tear, recently reclaiming the $1 mark for the first time in three years. This surge has sparked optimism among analysts, who now predict the cryptocurrency could breach its previous 2021 high to claim a seven-year top.
Analysts Turn Bullish on XRP
Crypto analyst Armando Pantoja believes XRP’s bullish trend is far from over. He points to a major upward trend since early November, fueled by whale accumulation and positive market sentiment. While the MACD and RSI indicators suggest a potential cooling-off period, Pantoja remains confident that once XRP clears $1.60, it could easily surge to $2. Beyond this level, he predicts a long-term target between $8 and $20.
$XRP to $2 isn’t even a question. $8-20 is inevitable
— Armando Pantoja (@_TallGuyTycoon) November 27, 2024
1. Bullish patterns = long-term setup
2. Whales accumulating hard
3. MACD cooling off + RSI neutral
4. $1.60, then no resistance to $2
5. FOMO incoming, Sentiment flipping
Miss this #XRPHOLDERS, and you'll chase it later. pic.twitter.com/HCvoyiwWX9
Market commentator Dark Defender echoes this sentiment, focusing on shorter-term price movements. He highlights the importance of the $1.44 Fibonacci level, which XRP has successfully breached. This could pave the way for a move towards $1.63 and potentially $1.88. Veteran trader Peter Brandt also sees significant upside potential, especially if XRP breaks through the $1.96 resistance level.
Symmetrical Triangle Formation
Analyst Mikkybull points to a symmetrical triangle formation on the 4-hour XRP chart, similar to one that occurred in early November. This pattern suggests a potential breakout that could propel XRP towards the $2 price range.
$XRP next wave of rallies will bring it to $2 pic.twitter.com/HgqgpX4iQL
— Mikybull 🐂Crypto (@MikybullCrypto) November 27, 2024
Key Takeaways
- XRP’s recent surge has sparked optimism among analysts.
- Analysts predict a potential move towards $2 and beyond.
- Breaking through the $1.63 resistance level could act as a catalyst for further gains.
- Maintaining support levels like $1.44 is crucial for sustaining the rally.
While XRP’s bullish momentum is undeniable, it’s important to remember that the cryptocurrency market is highly volatile. Investors should conduct thorough research and consider consulting with financial advisors before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.