Ripple (XRP) stands resilient as it holds firm its support level and gears up for a potentially significant upward movement. The digital asset has caught the attention of analysts and investors alike with a recent surge of almost 6%, signaling growth in a market marked by fluctuations.
As of the reporting time, XRP is trading at $0.522326, boasting a 24-hour trading volume of $1.81 billion and a market capitalization of $28.85 billion. Despite a minor decrease of -3.19% in the last 24 hours, the overall sentiment remains optimistic.
XRP Rebounds, Analyst Eyes $0.93 and $1.68 Targets
Crypto analyst EGRAG CRYPTO, renowned for his insightful market perspectives, recently shared an optimistic outlook on the trajectory of XRP prices. In his latest analysis, the analyst highlighted key patterns observed in previous cycles of XRP price movements, shedding light on potential future trends.
According to the analyst, historical data suggests that XRP exhibits a two-cycle top pattern, typically around the 2nd mark. Notably, the first top often closely mirrors the second top, yet in cycle B, the second top displayed Lower Highs, indicating a distinctive shift in market dynamics. Drawing parallels with previous cycles, EGRAG CRYPTO pointed out that the current bottom formation appears to echo past trends, as evidenced by comprehensive chart analysis.
“I believe that in this current cycle, the Weekly RSI will reach Higher Highs, possibly targeting the 90-95 range,” expressed EGRAG CRYPTO, emphasizing the potential for significant upward momentum in XRP prices. The analyst anticipates that once the weekly RSI surpasses the critical threshold of 70, the market could witness an exhilarating phase of price action.
Moreover, another prominent analyst, Jonathan Carter, also voiced the same opinion on XRP’s price movement. According to Carter, as noted on the weekly chart, Ripple is rebounding from a lower trendline of a symmetrical triangle
The analyst said, “A successful breakout above this triangle would serve as a bullish signal.” The analyst outlined mid-term price targets of $0.93 and $1.68, which added even more fuel for optimism among investors and traders.
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