2024-11-22 20:40 |
XRP has experienced a remarkable surge in recent weeks, doubling in value and inching closer to its 2018 all-time high (ATH).
Currently ranked as the sixth-largest cryptocurrency, after recently surpassing Dogecoin (DOGE) and Cardano (ADA), XRP is drawing considerable attention from analysts. Many believe that the price is on the brink of an even more substantial rally, fueled by the emergence of increasingly bullish chart patterns.
On Tuesday, popular crypto analyst DarkDefender stirred optimism among XRP enthusiasts with a bullish forecast. He projected the cryptocurrency could soar to $5.95, based on what he described as a “Double Coffee Cup” pattern emerging on the charts.
“XRP formed a double Coffee Cup formation. You know what happens next,” DarkDefender tweeted, emphasizing key support levels at $1.03 and $0.95. He further identified price targets of $1.88, $3.09, and $5.95, derived from the measured move of the pattern.
Addressing skeptics the analyst reminded followers of XRP’s past achievements, where it surpassed significant price milestones despite widespread doubt.
“Some people are still in doubt and do not believe XRP to break ATH. But, it will, with an outstanding pace.” He noted.
Elsewhere, Armando Pantoja echoed the optimism, predicting a breakout for the seven-year symmetrical triangle pattern fueled by a combination of technical and fundamental factors. Pantoja particularly pointed to the potential exit of SEC Chair Gary Gensler and a bullish Elliott Wave pattern as signals of a significant price surge.
Notably, the pundit identified $1.33 and $1.88 as key breakout points, with long-term targets ranging from $8 to $30.
“Last time we had this setup, XRP skyrocketed,” Pantajo remarked, emphasizing historical parallels and the increasing involvement of institutional players.
Meanwhile, while the sentiment remains largely bullish, some analysts caution against short-term challenges. With recent price action pushing XRP up by 130% in just around 10 days, a trader identified as “Swallow Premium” cautioned about a possible correction.
“Ripple’s price is nearing a possible pullback,” he warned on Tuesday. “Indicators like the RSI entering overbought territory and a gravestone doji candle suggest a cooling-off period may be imminent.”
The pundit further warned that XRP’s current price is significantly detached from its 100- and 200-day Exponential Moving Averages (EMAs), a signal historically followed by corrective moves. “Every time XRP drifts too far from its EMAs, we’ve seen sharp reversals,” he added, pointing to similar patterns during previous rallies.
The trader also flagged concerns about unfilled CME gaps (areas in the price chart where the market moved sharply, leaving a “gap” due to a lack of trading activity). These gaps often act as magnets, with prices revisiting them over time. He anticipates XRP breaking below its current trendline, retesting lower support levels, and potentially filling CME gaps.
“This correction could bring XRP down by 40% to 60% from current levels, aligning with historical price behavior,” he projected.
At press time, XRP was trading at $1.47, reflecting a 31% upsurge in the past 24 hours.
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