A prominent cryptocurrency analyst, Steph, has expressed confidence in XRP’s potential to surpass its previous all-time high. He suggests that this anticipated surge could make XRP holders some of the wealthiest investors in the market.
In recent months, XRP has gained significant attention due to its impressive price movements. Notably, the cryptocurrency rose from $0.51 at the start of November to $2.90 by December 3, representing a staggering 464% increase within a single month.
While XRP faced a pullback after this peak, consolidating between $2 and $2.60 for two weeks, Steph maintains that an even larger rally may be on the horizon.
Bollinger Bands Indicate Potential Breakout
Steph’s analysis emphasizes the importance of key technical indicators, including the Bollinger Bands on the 4-hour chart. These bands, which measure market volatility, are currently widening—a signal often associated with significant price movements.
He noted that in November, a similar expansion of the Bollinger Bands preceded a 132% surge in XRP’s price. Additionally, past instances of this pattern have led to rallies of 53% and 120%. Based on the current expansion, Steph believes that XRP is primed for another breakout, which could further validate its bullish trajectory.
#XRP HOLDERS WILL BE THE RICHEST PEOPLE YOU KNOW – HERE’S WHY! pic.twitter.com/k0tc6tCAq0
— STEPH IS CRYPTO (@Steph_iscrypto) December 17, 2024
Bull Flag Breakout Fuels Optimism
Another bullish indicator highlighted by Steph is XRP’s breakout from a bull flag pattern on the daily chart. Such breakouts are typically seen as a continuation of upward price trends after a consolidation phase.
The breakout has been confirmed by multiple daily closes above a critical long-term resistance level. As of now, XRP has maintained a position above the crucial support level of $2.33, as it currently trades at $2.35.
Steph cautioned that failing to hold above this level could challenge the bullish narrative. However, if XRP sustains its position, the market outlook remains favorable.
The analyst also identified $2.60 as a significant resistance level. A daily close above this threshold would further solidify the bullish case for XRP. He has set a short-to-medium-term target of $4.90 to $5, supported by the Exponential Moving Average (EMA) ribbons on the daily chart.
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Declining Bitcoin Dominance Boosts Altcoin Market
Steph also addressed the role of Bitcoin dominance, a metric that tracks Bitcoin’s market share relative to other cryptocurrencies. He observed that Bitcoin dominance has been declining after breaking below a rising wedge pattern, currently testing the breakdown level near 57%. This trend is considered favorable for altcoins like XRP.
Should Bitcoin dominance continue to decline, potentially reaching the 47–50% range, it could signal the start of an altcoin season. Historically, this range has acted as strong support during July 2021 and October 2021. Such conditions could create an environment conducive to XRP achieving its $5 price target.
Steph advised investors to monitor Bitcoin dominance as it approaches the 47–50% zone. A reversal from this level could mark a turning point in the market, prompting investors to consider taking profits. Nevertheless, he emphasized that XRP and other altcoins currently exhibit strong potential for growth.
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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