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Home»Altcoins»Analysts predict a bullish breakout of XRP
Altcoins

Analysts predict a bullish breakout of XRP

2024-10-13No Comments3 Mins Read
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This article is available in Spanish.

XRP is currently testing a crucial resistance level that will determine price action in the coming weeks. After the euphoria surrounding the interest rate cuts by the Federal Reserve at the end of September, the market is experiencing uncertainty and fear. While some investors remain optimistic, XRP’s recent price movements have led to a sense of caution.

Top crypto analyst Amonyx has shared insights on the potential for an unexpected XRP rally. In his analysis, he suggests that the altcoin could surprise skeptics with gains of more than 1,000%. According to Amonyx, this resistance level could be a launch pad for XRP if the price breaks above it.

Related reading

With significant market fluctuations, investors are closely monitoring XRP’s ability to remain above key price points. The anticipation surrounding XRP’s future has created a mix of hope and skepticism as traders weigh the possibility of a breakout against the risks of a further decline.

As XRP continues to navigate this critical juncture, all eyes will be on its performance to determine the next steps for this altcoin.

XRP Analyst Sets Optimistic Goals

XRP is at an inflection point as analysts wait for a signal that could push its price higher amid market uncertainty.

Top analyst and investor Amonyx recently shared a convincing technical analysis of Xwhich offers an optimistic view of the future of XRP. His analysis includes a chart illustrating a potential rising bull pennant pattern that has formed since June 2018. This pattern suggests a build-up of buying pressure, indicating that XRP is on the verge of a breakout.

See also  L1 vs L2: Will Ethereum Come Out Unscathed?
XRP bullish pennant pattern is about to break.
XRP’s bullish pennant pattern is about to break. | Source: Amonyx on X

If XRP successfully breaks above the resistance defined by this bullish pattern, Amonyx predicts a notable price increase, possibly targeting levels as high as $70 and even $500. While these predictions are ambitious, they underscore the market’s inherent volatility and the potential for dramatic price shifts.

Amonyx points to a crucial factor influencing market sentiment: many investors believe that XRP is unlikely to rise again. This prevailing skepticism could pave the way for significant upside, as market psychology often plays a crucial role in price dynamics.

Related reading

In the coming weeks, all eyes will be on XRP as traders assess whether this expected breakout will materialize, potentially changing the narrative for the altcoin and its investors.

Technical Analysis

XRP is currently trading at $0.53, having recently lost both the 1D 200 moving average (MA) and the 200 exponential moving average (EMA). The price is struggling to close above the MA, which is at $0.54. For the bulls to regain momentum, XRP needs to rise past these levels to retest the local highs around $0.66.

XRP is testing the 1D 200 MA as resistance.
XRP is testing the 1D 200 MA as resistance. | Source: XRPUSDT chart on TradingView

However, if the price fails to secure a close above the MA and EMA, a deeper correction could be near. Analysts are closely watching this critical moment as a breakdown below $0.53 could lead to further declines, potentially reaching support levels around $0.48 or lower.

Related Reading: Solana (SOL) Road to New Highs: Analyst Views $160 as Crucial Breakpoint

As traders look for confirmation of a bullish reversal or a bearish continuation, XRP’s price action will be crucial in shaping market sentiment in the coming days.

See also  XRP - price is struggling with key resistance - Can bulls force an outbreak?

Featured image of Dall-E, chart from TradingView

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Analysts Breakout Bullish predict XRP
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