In a recent analysis shared on TradingView, crypto trader Alan Santana proposed that the digital asset XRP may present a favorable “entry timing” for investors. Santana’s analysis is based on several technical indicators that point to potential positive price movements for XRP.
At some point on October 12, XRP traded at $0.48362. According to Santana, at that time, the digital asset hit a low of $0.47399.
Santana noted “Maybe an entry now can later be called “great timing”, it seems that a low has been hit.”
Santana further highlights the breaking of two strong resistance zones, the 50-day and 300-day exponential moving averages (EMA), as a promising sign for the digital asset.
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Additionally, XRP recently tested the 50-EMA on the 4-hour chart, reaching approximately $0.537 per XRP.
Based on these observations, Santana believes that XRP is currently in a phase of accumulation before a potential bullish continuation. He has set the 3.61 Fibonacci expansion at $0.590 per token as the short-term target.
Possible Fundamentals Supporting XRP’s Outlook
While Santana’s analysis is primarily technical, there are also key fundamental factors that could contribute to XRP’s short-term prospects:
- Ripple’s Legal Battle with the SEC: Ripple has been making progress in its legal disputes with the U.S. Securities and Exchange Commission (SEC), which may lead to increased confidence among investors.
- Expanding Partnerships and Collaborations: Ripple continues to forge alliances with various financial institutions, enhancing its presence and potential use cases for XRP.
- Product Development: Ripple has been actively working on developing innovative products and services such as the On-Demand Liquidity (ODL) service, which could lead to increased demand for XRP.
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Looking beyond the technical and fundamental analyses, Ripple’s Initial Public Offering (IPO) can also shape the XRP trajectory positively. If Ripple finally goes public, it would represent a significant milestone for both the company and the XRP community. It has the potential to boost interest in all Ripple’s associated products, including XRP.
Investing in cryptocurrencies always carries an inherent degree of risk, and XRP is no exception. While the analysis and factors presented suggest a positive outlook, investors are strongly advised to conduct thorough research and exercise caution before making any investment decisions.
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