Analyst Maps XRP Price Path to $40 – Here Are Reasons and Key Metrics

2024-9-12 23:30

Crypto expert Steph is Crypto suggests XRP could potentially reach $40 during the next bull cycle, possibly around 2025 or 2026 in a YouTube analysis. The analyst presents technical analysis, market indicators, and historical patterns to support this ambitious price target for Ripple’s native token.

XRP’s Technical Analysis and Price Projections

XRP is trading close to the apex of a symmetrical triangle pattern that has been developing since 2018, claims Steph is Crypto. The analyst notes that earlier similar trends, including those in 2017, led to notable price swings. 

The technical target derived from the current pattern points to a potential $40 price level.

Generally regarded as a bullish indication, the video shows an inverted head and shoulders pattern developing on XRP’s daily chart. With a price objective of about $1.11, a breakout over $0.65 may set off a 109% climb.

Indicating price compression, the analyst also observes XRP has been consolidating within a downward-sloping resistance line and an upward-sloping support line.

Market Indicators and Altcoin Positioning

Steph is Crypto discusses XRP’s performance relative to Bitcoin, noting that XRP has flipped the EMA ribbons into support against Bitcoin on the daily chart. This development suggests that XRP might outperform Bitcoin in the near term, particularly through 2024 and 2025.

The analysis also touches on the current state of the altcoin market. The Altcoin Season Index indicates high Bitcoin dominance, which historically has preceded periods of stronger altcoin performance. 

This timing, combined with low retail interest in the crypto market, may present an opportune moment for accumulating XRP and other altcoins, according to the analyst.

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Liquidity and Market Events

The video examines the liquidation heat map for XRP, revealing a substantial amount of liquidity above the current price. This situation, coupled with negative funding rates, suggests a higher number of short positions compared to long positions. 

The analyst proposes that these conditions could potentially lead to a short squeeze, driving XRP’s price higher.

Steph is Crypto also mentions upcoming market events that could introduce volatility, including the FOMC meeting, US inflation data releases, and the 2024 US elections.

While these events may impact crypto prices, the analyst advises focusing on technical analysis and fundamental market cycles rather than speculating on political outcomes.

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The post Analyst Maps XRP Price Path to $40 – Here Are Reasons and Key Metrics appeared first on CaptainAltcoin.

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Ripple (XRP) на Currencies.ru

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Источник: captainaltcoin.com

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