Analyst Predicts 50% XRP
Rally If Bullish
Pattern Breaks – Details
Analyst Predicts 50% XRP Rally If Bullish Pattern Breaks – Details
by Sebastian Villafuerte
3 mins ago
in XRP
0
XRP is finally gaining traction after days of struggling below the $0.60
supply level. This newfound momentum is reigniting hope among investors and
analysts who have been waiting for the altcoin to break out of its prolonged
consolidation phase.
XRP begins to show signs of strength, and market participants are closely
watching to see if the price can maintain this upward trend and challenge
higher supply levels in the coming weeks.
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Unveils Cycle Forecast
Prominent crypto analyst Carl Runefelt has recently shared an optimistic
prediction for the altcoin, reflecting the broader market s expectations
of a significant price appreciation rally. According to Runefelt, XRP s
recent breakout could be the beginning of a more substantial move that could
lead to the altcoin revisiting key resistance levels last seen earlier this
year. With renewed optimism building, many are speculating whether this surge
will finally allow the price to catch up with the broader crypto
market s gains.
As the price hovers around crucial levels, all eyes are on XRP to see if it
can sustain its upward momentum and push through the barriers ahead. A
successful breakout could set the stage for a strong rally, signaling a
potential trend reversal and a new phase of growth for the digital asset.
XRP Ready To Reach $0.90
XRP is currently trading at a crucial level of supply that must be broken for
the altcoin to reach higher prices and keep pace with the broader market’s
gains.
As positive sentiment spreads across the crypto market, traders and investors
are eagerly searching for promising opportunities, and XRP’s price action has
caught their attention. A strong breakout from this level could signal the
beginning of a new rally, driving XRP to new highs and potentially reigniting
interest in the asset.
Prominent analyst Carl Runefelt recently shared a technical analysis on X ,
focusing on XRP’s current situation. According to Runefelt, XRP is trading
within a daily triangle pattern—a key indicator of potential volatility and
directional movement.
XRP is trading within 1D symmetrical triangle range. | Source: Carl Runefelt
on X
He points out that if this pattern breaks to the upside, it could send the
price soaring toward higher supply levels around $0.90, representing a
substantial 50% increase from current levels. This would be a significant move
for XRP, aligning with the optimistic outlook many in the crypto community are
hoping for.
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High Liquidity Above This Level
However, for this scenario to play out, XRP must first break through the
existing resistance levels and confirm a new uptrend. The current
consolidation phase could either serve as a launchpad for a strong rally or
signal continued indecision. A successful breakout would likely attract more
investors, leading to increased trading volumes and further price
appreciation.
Price Action: Holding Above $0.60
XRP is currently trading at $0.61 after a modest 6% surge in the past day. The
price is holding strong above the daily 200 moving average (MA) at $0.54,
signaling long-term strength. However, despite the recent uptick, the price is
still struggling to break through the crucial supply level around $0.65. This
resistance has been a significant hurdle for the asset, and until it is
convincingly surpassed, the current rally may lose steam. XRP trading above
the 1D 200 MA and struggling to close above $0.65. | Source: XRPUSDT chart on
TradingView
For the bulls to maintain momentum, the price needs to post a new high above
$0.65 and push toward the next target at $0.75. Achieving this would likely
attract more buying interest and further fuel the uptrend, aligning XRP with
the broader positive sentiment in the crypto market.
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Prepares For Major Rally
On the other hand, if the price fails to close above the $0.65 level, it could
lead to a prolonged period of sideways trading. This would likely frustrate
investors hoping for a breakout and could result in reduced trading volumes.
In this scenario, the price could remain range-bound, oscillating between
$0.54 and $0.65 until a clear catalyst emerges to either push it higher or
trigger a deeper correction.
Featured image from Dall-E, chart from TradingView
