In a recent post, Cryptoinsightuk (@Cryptoinsightuk), a prominent crypto analyst, shared some insights on XRP’s price chart. He provides clarity on the asset’s trajectory. His primary focus is centered on a daily candle close above $0.75. This price point could be the confirmation signal for a long-awaited XRP bull run.
Significantly, surpassing the $0.75 resistance level would signify a breakout from a prolonged accumulation phase lasting approximately 250 days. Cryptoinsightuk suggests that such a breakout could propel XRP toward a short-term target of $1.2.
$XRP update.
We are looking for a daily candle close above $0.75.
When we see this, it confirms a breakout above the range in which we have been accumulating for over 250 days.
This would suggest we should see a minimum expansion to $1.20.
Volume is picking up on the whole… pic.twitter.com/yhEVHvqPav
— Cryptoinsightuk (@Cryptoinsightuk) March 25, 2024
Current XRP Market Position
XRP currently sits at $0.6272, showing a modest 0.26% increase over the past 24 hours. Reaching the $1.2 target set by the analyst would mean a 91% surge for the digital asset.
However, reaching $0.75 might be difficult. XRP has tried to breach this crucial level multiple times since it surpassed it in July 2023 following a pivotal victory in the lawsuit against the U.S. Securities and Exchange Commission (SEC). The digital asset has failed multiple times, crossing $0.7 but failing to reach $0.75.
Supporting Viewpoints from a Prominent Analyst
Another analyst, EGRAG CRYPTO (@egragcrypto), has also projected a short-term target of $1.2 for XRP. However, EGRAG CRYPTO’s approach diverges. Although he showed a technical indicator to support his target, he drew inspiration from historical XRP price patterns. He identified similarities between the current chart patterns and a wave formation observed before a significant XRP price surge.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Additional Bullish Indicators for XRP
Cryptoinsightuk bolsters his short-term bullish outlook for XRP by highlighting several additional factors. He pointed toward an increase in overall trading volume for XRP, suggesting growing investor interest.
Furthermore, the analyst observes a potential bullish shift in the daily chart’s Relative Strength Index (RSI). The RSI is a technical indicator used to gauge an asset’s potential overbought or oversold conditions. Finally, Cryptoinsightuk mentions that a breakthrough above Bitcoin’s all-time high could trigger a broader surge in altcoins, including XRP.
The altcoin market showed signs of this recently, with Shiba Inu surging over 250% and others exhibiting similar trends after Bitcoin reached a new all-time high in early March.
The analyst believes there are strong similarities between current market dynamics and those observed in 2021. However, he admits that XRP might not recreate the exact rally from 2017. Despite this, he is confident that a breakout is imminent and expects some similarities between the upcoming rally and 2017.
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