2023-12-2 12:25 |
After climbing above the psychological price of $0.60, XRP has found the much-needed momentum to breach new year-end highs.
As a result, the fifth-largest cryptocurrency based on market valuation has formed both Elliott Waves and Cup-Handle patterns, which could propel the price to the $1.05 and $1.88 levels, according to market analyst Dark Defender.
Source: Dark DefenderThe analyst added that a price surge to $1.88 is expected in the short term if these formations see the light of day. XRP was up by 4.3% in the past week to hit $0.62 at press time, according to CoinGecko.
Therefore, stakes are high, and it’s a matter of time before XRP breaches the psychological price of $1 based on the presence of super bullish driving factors, as previously reported by ZyCrypto.
Is the $0.70 Price Level Next?XRP recently dropped to lows of $0.58 based on the formation of a descending channel.
Nevertheless, leading analyst EGRAG CRYPTO believes an inverse head and shoulder (H&S) structure is almost materialising, and this would be bullish because it could push XRP’s price to the $0.70 level.
Source: EGRAG CRYPTOThe analyst noted this was one of the ways that XRP would escape the descending channel for heightened bullish momentum.
Meanwhile, as Ripple continues to make a strong case in cross-border payments, Edward Farina recently stipulated that XRP could replace SWIFT, triggering a price surge to the $10,000 level.
The Alpha Lions Academy CEO took to X, formerly Twitter, to reveal this narrative in what he deemed ‘RIPPLENET SWIFT KILLER: The Road for XRP to $10K.’
Farina stated, “The current SWIFT system handles billions of transactions per hour. If RippleNet replaces it, it will go through XRP.”
SWIFT is a banking system presently used for worldwide cross-border payments.
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