Ripple Price Analysis: Can XRP Skyrocket to $2 by the Year’s End?

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As a seasoned researcher with extensive experience in the cryptocurrency market, I find Ripple’s recent price action nothing short of fascinating. Having witnessed the SEC lawsuit’s impact and its aftermath, I can confidently say that XRP‘s resilience is commendable.

The latest movement in Ripple‘s price suggests robust optimism among investors, with purchasers maintaining a strong influence over the market.

As a researcher studying the cryptocurrency market, I am excited to observe that, while there may be a temporary period of consolidation, XRP appears to be gradually inching closer to an impressive milestone of $2. The possibility of reaching this target before the year ends is becoming increasingly promising.

XRP Analysis

By Shayan

The Weekly Chart

Each week’s graph showcases Ripple’s remarkable price movements, highlighted by a substantial sell-off after the SEC lawsuit, resulting in a dramatic drop to $0.28 – representing a massive 85% decrease. This was followed by a prolonged period of low-volume stabilization.

In the end, there was a strong resurgence in buying activity, causing the price to break through significant resistance levels such as the crucial $1.3 point. The robust increase in Ripple suggests substantial buying interest, moving the cryptocurrency towards a potential local high of $1.9.

When the cost gets close to this crucial point, optimism among buyers stays strong, but it’s important to exercise caution due to the indication of being overbought in the RSI indicator. There might be a brief period of consolidation or correction before we see a resumption of positive movement. If there is any dip, $1.3 is likely to be the main level of support during such a pullback.

The 4-Hour Chart

In simpler terms, the 4-hour timeframe provides a closer look at Ripple’s price movements. As Ripple hit a resistance level around $1.3, it paused and began to move sideways, forming a triangle shape on the chart. This pause gave the Relative Strength Index (RSI) time to cool down from overbought conditions and reach a balanced state. Later, XRP resumed its upward trend, breaking through the upper boundary of the triangle, suggesting that the bullish momentum would continue.

Ripple managed to reclaim the $1.3 threshold and advance toward $2. While the bullish momentum is evident, a bearish divergence between the price and RSI hints at possible exhaustion. Furthermore, the presence of supply near the $1.9 resistance zone increases the likelihood of a consolidation phase in the near term. This temporary pause could allow the market to stabilize before XRP attempts to achieve new highs.

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2024-11-24 09:28