In a recent market analysis, cryptocurrency expert King Solomon (@IOV_OWL) has identified a crucial price threshold for XRP that could potentially catalyze substantial upward movement in its value. The digital asset, which recently achieved its first breakthrough above $1 in three years, is currently in a consolidation phase following an impressive performance.
XRP demonstrated remarkable strength during the previous week’s trading sessions, particularly over the weekend. From November 9, XRP’s value increased by almost 130%, climbing from $0.55 to $1.26 on November 16.
Following this substantial rally, the digital asset encountered resistance at the $1.26 level. Despite this correction, market participants have successfully maintained support above the psychological $1 threshold.
. $XRP is going to absolutely rocket if it closes above on the monthly, there's not a lot of historical resistance after this….. pic.twitter.com/4RcSpbV68c
— King Solomon (@IOV_OWL) November 18, 2024
Critical Levels for XRP
According to King Solomon’s technical analysis, the $1.08 price point represents a critical level for XRP’s future trajectory. He suggests maintaining price action above this threshold through the monthly close could trigger significant upward momentum.
Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), recently revealed that he will step down on January 20, 2025. This caused a 10% XRP price surge, temporarily pushing it above $1.2 again. This surge has kept it above the $1.1 level, and staying above this level will be crucial if a market correction ensues.
Where Will XRP Go?
Taking a more conservative approach, King Solomon adjusted his target level to $1.35, specifically noting the importance of the Fibonacci 1.618 level near $1.3457. With approximately nine days remaining in November, achieving and sustaining this level could help XRP’s trajectory.
Technical indicators provide additional context for XRP’s current market position. The formation of a bull flag pattern on the daily timeframe suggests a potential for continued upward movement.
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This pattern emerged following the decline from the $1.26 peak on November 16. Another prominent analyst recently spotted a similar indicator, and like most other analysts, King Solomon expects a massive rally for XRP.
The digital asset’s Relative Strength Index (RSI) is currently in the overbought range, which could lead to a price correction if selling pressure intensifies. In such a scenario, the $1.0373 level becomes a critical support zone. XRP could continue range-bound trading for four additional days before reaching the pennant’s apex to heading for the $1.35 target.
Should XRP break above current resistance levels, analysis suggests potential targets at $1.87, corresponding to the Fibonacci 2.618 level, before approaching the $2.4 mark. This would surpass the 2021 peak of $1.96, which veteran trader Peter Brandt identifies as significant for potential price acceleration.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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