XRP Will Jump 75% If It Holds Current Demand Level – Details
09 Outubro 2024 - 5:00PM
NEWSBTC
XRP is testing a crucial support level to determine the altcoin’s
price action in the coming weeks. The market is experiencing
uncertainty and anxiety after the past week’s euphoria surrounding
the Federal Reserve’s decision to cut interest rates. Related
Reading: Can SUI Fall To $1.40? On-Chain Data Exposes Declining
Demand Despite this positive news, recent price movements have
concerned traders who anticipated a massive surge for XRP this
cycle. The current situation has increased caution among investors,
as many are now looking for confirmation above or below the
critical liquidity level. This hesitance has left some analysts
sharing predictions based on the latest price action, adding
uncertainty. As XRP hovers near this pivotal point, traders
are closely monitoring whether it can break through resistance or
if it will fall back, which would signal a shift in momentum. The
next few days are crucial, as they will likely reveal whether the
altcoin can sustain its upward trajectory or if it will succumb to
market pressures, impacting not just this token but potentially the
broader altcoin market. Analyst Expects XRP Rally Soon XRP is
currently facing serious risk as it hovers around the critical
$0.50-$0.55 area. For the price to confirm a bullish continuation,
it must hold above this level in the coming days. Analysts and
investors are eagerly waiting for a signal that could trigger a
price surge, particularly as the broader market is experiencing
uncertainty following recent fluctuations. Top analyst and investor
Ali has shared an optimistic view of XRP through a technical
analysis posted on X. In his analysis, Ali presents a chart
illustrating the governing pattern of XRP price action since June
2022, which appears to form an ascending parallel channel. This
channel indicates a potential upward trajectory, and if this
pattern continues, XRP could move toward the channel’s middle or
upper boundaries, currently sitting at approximately $0.80 and
$1.10, respectively. This move would represent a potential surge of
75% or more for XRP in the coming weeks. However, this optimistic
outlook hinges on XRP’s position above the critical support level.
If it fails to do so, it risks a deeper correction, which could
dampen investor sentiment and halt any upward momentum. Related
Reading: Dogecoin Analyst Expects A ‘Multi-Year Bullish Breakout’ –
200% Surge Potential As traders watch closely for further price
action and potential breakouts, the next few days will determine
whether XRP can reclaim its bullish trajectory or succumb to
broader market pressures. The sentiment among analysts is
cautiously optimistic, and the community is poised for action based
on XRP’s ability to navigate this pivotal point. Technical
Analysis: Key Levels To Watch XRP is trading at $0.53 after losing
the daily 200 moving average (MA) at $0.54 and the 200 exponential
moving average (EMA) at $0.55. This recent price action has raised
concerns among traders as the price struggles to maintain upward
momentum. However, the price still holds above the critical support
level at $0.50, a key psychological threshold. If the price were to
drop below this level, it could trigger significant selling
pressure, leading to a deeper decline. On the other hand, if bulls
can reclaim both the 200 MA and EMA, it would signal a potential
shift in momentum. A successful breakout above $0.65 could pave the
way for a substantial rally, reigniting bullish sentiment in the
market. This scenario hinges on XRP’s ability to regain its footing
and gather enough buying pressure to push through these critical
resistance levels. Related Reading: Solana (SOL) Path To New
Highs: Analyst Eyes $160 As Critical Breakpoint As traders monitor
price action closely, the coming days will be crucial in
determining whether the price can recover and position itself for a
possible upward trajectory. Featured image from Dall-E, chart from
TradingView
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