Renowned market analyst Ali Charts recently shared his insights, which predict a bullish trajectory for XRP. Ali, known for his market predictions, expects XRP to be on the verge of a major breakthrough, possibly escalating to a significant price range soon.
Expert analysis of XRP’s movement
Ali Charts recently put XRP in the spotlight. In his latest analysis, Ali predicts a promising rebound for XRP, expecting it to break out of its ‘descending parallel channel’.
This optimistic forecast points to a rapid increase, targeting the $0.65-$0.66 range. The analysis is supported by a detailed chart shared by Ali, which clarifies the potential breakout pattern that XRP is forming.
This projection follows XRP’s peak performance on November 6, when it reached $0.72 per token – its highest valuation since late July.
In the following weeks, XRP experienced a slow decline, dropping its price as low as $0.58 on Wednesday. However, the recent chart formations, as analyzed by Ali, indicate a possible reversal of this trend.
#Ripple | $XRP appears to be emerging from a descending parallel channel, which could result in a rise to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX
— Ali (@ali_charts) November 23, 2023
XRP Latest Price Action
Meanwhile, XRP has shown signs of a possible reversal from its recent “descending parallel channel,” as indicated by analyst Ali. Over the past 24 hours, the token has experienced a 2.9% increase, from yesterday’s low of $0.58 to a current trading price of $0.61 at the time of writing.
This shift signals developing bullish momentum, in line with Ali’s prediction of an imminent rise above $0.65. In particular, if the token’s price were to continue this upward trajectory, it could significantly strengthen Ali’s analysis, potentially paving the way for the digital asset to revisit and possibly surpass the $0.72 price level .
Such a development would confirm the accuracy of Ali’s predictions and renew investor confidence in XRP. However, it is important to contextualize these recent gains in the broader picture.
Over the past two weeks, the altcoin has registered a decline of over 10%, with a decline of 2.7% in the past seven days. This overall bearish trend is reflected in trading volume, which has decreased significantly.
Specifically, XRP’s daily trading volume has fallen from a high of about $2.4 billion earlier this month to about $1.1 billion in the past 24 hours. This dip in trading activity could indicate a cautious approach by investors, waiting for clearer signals of market direction before taking further steps, or perhaps regular trading activity in the asset.
Featured image from Unsplash, chart from TradingView
