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XRP’s 7-Year RSI Trendline Break Could Ignite Massive Surge

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A prominent crypto analyst has made a bold prediction for XRP claiming that the altcoin is poised for a significant price surge. The analyst’s bullish prediction is based on a key technical indicator called the Relative Strength Index [RSI] that suggests a potential breakout for the token.

Based on the provided chart, the 7-year RSI trendline, a long-term measure of price momentum, is heading toward a critical point. As per the analyst, a break above this trendline could signal a major shift in momentum and a subsequent parabolic price increase.

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XRP's 7-Year RSI Trendline Break Could Ignite Massive Surge 2

The analyst has identified an ascending triangle formation on the XRP chart. This technical pattern is characterized by a series of higher lows and a horizontal resistance line. As the price nears the resistance line, the potential for the pressure to break out increases.

Besides that, the analyst has marked several points where the price has been rejected from resistance levels. This could be interpreted as a sign of accumulating buying pressure.

Make sure to take “calculated profits!” though! Do not be the 95% who “knows what they hold” crashing back down to my orange box!

While the prediction is bullish, the expert emphasizes the importance of risk management. He warns against holding onto positions during a potential market downturn. Taking calculated profits can help mitigate losses and protect gains. However, the XRP’s current price action is impacted by SEC uncertainty.

XRP: SEC Silence Fuels Speculation

In the daily index, the seventh-ranked altcoin defied the general market trend with a weekly decline of 7%. XRP is currently trading at $0.5. The reason behind the token’s muted price action is attributed to the speculation about an SEC appeal in the SEC vs. Ripple case. Market experts believe this might have impacted the demand recently. 

Judge Analisa Torres handed down the decisive verdict on August 7, which gave both parties a 60-day window to appeal. Since the final judgment, the SEC has been noticeably quiet, which has put XRP in an unfavorable position.

XRP’s Future Price: Analyst Unveils Unexpected Forecast

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XRP, the digital currency affiliated with the Evai analytics platform, is anticipated by Matthew Dixon, the CEO of Evai, to undergo a possible slight decline, followed by a strong upswing. Currently valued at $0.52, the controversial XRP-affiliated token displays signs of resilience and prospective growth on its price chart. Amidst fluctuations, the price seems to be stabilizing, indicating a possible buildup before a significant market shift.

The Relative Strength Index (RSI), a momentum indicator assessing the speed and direction of price movements, presently registers below the overbought threshold. This suggests that there is room for upward movement without immediate concerns of overextension.

Furthermore, the 24-hour trading volume remains strong, indicating sustained interest from traders. XRP’s recent performance reveals stability within a 24-hour range, reaching a high of $0.5356.

XRP’s Roller Coaster Ride

With a substantial market capitalization of $28.78 billion, XRP currently holds the sixth position in market cap rankings. Over the last thirty days, Ripple’s journey through the crypto markets has been akin to a roller coaster, marked by price fluctuations and varying trading volumes.

Starting the new year on a bullish note, Ripple hovered around $0.629, boasting a market cap of $34 billion. Despite an early surge in volume to $3.2 billion, the bullish momentum waned mid-month, leading to a monthly low of $0.5137.

Nevertheless, the digital asset swiftly rebounded, concluding the month near the $0.53 mark, showcasing the resilience for which it is known in the crypto community. While trading volumes tapered off from the month’s outset, they remained consistently high.

Polkadot (DOT) Holds Firm At $6.6, Indicators Suggest Potential Rally Ahead

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Polkadot (DOT) is currently experiencing a correction from its recent peak at $7.75 against the US Dollar in the latest market developments. Nevertheless, there are optimistic indicators suggesting a possible rebound, contingent upon the price maintaining its position above the crucial support level of $6.30.

Following a consolidation phase above the $5.50 support, the DOT price initiated a noteworthy uptrend. Surpassing resistance levels at $5.85 and $6.00, DOT entered positive territory alongside major cryptocurrencies like Bitcoin and Ethereum. 

The rally extended beyond the $6.65 resistance zone, and Polkadot established itself above the 100 simple moving average (4 hours). Nevertheless, a pullback ensued near the $7.75 mark, forming a peak around $7.77, leading to a corrective phase.

Polkadot (DOT) Resilience

The price dipped below $7.20 and $7.00 levels, breaching the 61.8% Fibonacci retracement level of the upward movement from the $6.31 swing low to the $7.77 high. Despite this correction, Polkadot maintains its position above the $6.65 zone and the 100 simple moving average (4 hours).

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Polkadot (DOT) Holds Firm At $6.6, Indicators Suggest Potential Rally Ahead 4

Analyzing the 4-hour chart of the DOT/USD pair reveals a crucial bullish trend line emerging with support around $6.65. This trend line aligns closely with the 76.4% Fibonacci retracement level of the upward trajectory from the $6.31 swing low to the $7.77 high.

The immediate resistance is anticipated near the $7.05 level, with a subsequent major hurdle at $7.20. A breakthrough beyond $7.20 could trigger a robust rally, potentially propelling the price toward $7.75 in the short term. Further upside movement might encounter resistance at the $8.00 zone.

Conversely, failure to initiate an upward move above $7.05 could result in continued downward pressure. Initial support lies near the $6.65 level and the associated trend line. A more substantial support zone is identified around $6.30, below which a decline to $5.70 may be on the horizon. Additional losses might open the doors for a move towards the $5.00 support zone.

The 4-hour MACD for DOT/USD is currently showing increasing momentum within the bearish zone, indicating a shift toward a bearish trend. Concurrently, the 4-hour Relative Strength Index (RSI) for DOT/USD has descended below the 50 level, further confirming the prevailing bearish sentiment.

In terms of key levels, significant support is identified at $6.65, followed by pivotal levels at $6.30 and $5.70. On the upside, notable resistance levels to monitor include $7.05, $7.20, and $7.75. These levels will likely play a crucial role in determining the near-term price dynamics of Polkadot (DOT) against the US Dollar.

Altcoin Market On The Brink Of Breakout: Surge In Stablecoin Supply Sparks Optimism

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Renowned crypto analyst and trader Rekt Capital brought attention to the ongoing retesting of historic levels within the altcoin market. Notably, the levels revisited in the past few weeks have consistently signaled a pattern of “fantastic growth” historically witnessed within the altcoin space.

An impending breakout seems likely in the altcoin market, attributed to a notable 3.5% surge in stablecoin circulation within the last 90 days. Renowned analyst Will underscored this surge in a recent post on X, shedding light on this significant trend. This significant occurrence follows the 90 days when the stablecoin supply showed its first positive shift in 1.5 years, starting on November 11 of this year.

If the altcoin market cap enters a bullish trend, there might be an attempt to flip the resistance level at $747.988 billion into support.

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Altcoin Market On The Brink Of Breakout: Surge In Stablecoin Supply Sparks Optimism 6

Altcoin Market’s Future Outlook

Subsequently, the altcoin market could experience further growth, with its valuation potentially reaching as high as $874.278 billion in the coming week. Conversely, a negative breakout could lead to a retest of the $684.566 billion support within the next 72 hours, and sustained selling pressure could drive the market down to a low of $621.085 billion.

Technical indicators on the daily chart of TOTAL2 suggest the possibility of a temporary correction in the next 48 hours. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators indicate a decrease in buying power over the past few days. 

The MACD line positioned below the MACD Signal line signals a bearish trend, while the RSI line breaking below the RSI Simple Moving Average (SMA) line suggests increasing strength on the sellers’ side, indicating a shift in favor of bears.

Bitcoin’s Rally: Enthusiasts Anticipate Price Surge, Echoing Late 2020 Bullish Trend

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Bitcoin enthusiasts are anticipating a resurgence in BTC prices, drawing parallels to the late 2020 bullish trend, as cash inflows signal a potential comeback. The hesitancy among Bitcoin traders appears to be waning, with BTC’s strength pushing the market back to the $43,000 mark.

Fresh indications of a bull run are emerging as BTC registers a 7% daily gain, according to data from TronWeekly Markets Pro and TradingView. On-chain metrics resetting suggests a continuation of the upside momentum.

Analysts argue that BTC needed a cooldown after reaching $44,000 earlier this month. Conditions are seen as improving, especially after a dip close to $40,000. Philip Swift, the creator of Look Into Bitcoin, highlighted a surge in profit-taking as BTC/USD reached its latest 19-month highs. 

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Bitcoin's Rally: Enthusiasts Anticipate Price Surge, Echoing Late 2020 Bullish Trend 8

Bitcoin’s Selling Activity Peaks

The value days destroyed (VDD) multiple metric, reflecting Bitcoin selling activity, hit its highest level since May 2021 on December 11.Recent selling activity is attributed to short-term holders (STHs), the more speculative segment of the Bitcoin investor base. 

Meanwhile, there’s optimism about the potential for BTC to breach key resistance levels near $50,000. Analyst Matthew Hyland points to the relative strength index (RSI) on daily timeframes, noting a bullish divergence with price.

Equally optimistic is the well-known social media commentator Ali, who observed a substantial influx into both BTC and the leading altcoin Ether (ETH), with ETH currently trading at $2,302. He pointed out that these conditions mirror those seen in late 2020 when BTC/USD initially surpassed $20,000, entering a phase of price discovery.

“In the latest round of optimistic BTC price predictions, fellow commentator BitQuant emphasized, ‘We have a plan. We’re aware of our destination, the purpose behind our journey, and the timing of our actions. The rest is simply background noise.'”

“Bitcoin should overcome the $42K-$45K channel by the end of the coming week, and then there are no more strong resistances until $63K.”