As a seasoned researcher with years of experience navigating the cryptocurrency market, I’ve seen my fair share of price swings and trends. The recent surge of Ripple (XRP) has been nothing short of extraordinary, breaking past its previous major swing high at $2 and approaching its all-time high of $3.4.
Lately, Ripple has surpassed its significant prior peak at around $2, demonstrating robust uptrend and approaching the record high of $3.4 it once held.
In simpler terms, exceeding this price level might trigger a significant surge, potentially leading to heights never seen before.
XRP Analysis
By Shayan
The Weekly Chart
Following a prolonged buildup between $0.3 and $0.9, Ripple experienced increased buying demand, leading to a substantial price increase. The price jumped roughly 490% from its lowest points, breaking through several crucial resistance levels, including the critical $2 threshold. At present, XRP encounters a substantial supply area around $3, where selling activity might impede further progress.
Moreover, the Relative Strength Index (RSI) signals potential overbought conditions, implying that there might be a period of consolidation within the $2–$3.4 range. This pause could give the market time to manage the selling pressure before buyers possibly make a strong attempt to surpass this psychological resistance and establish a new All-Time High (ATH).
The 4-Hour Chart
On the 4-hour chart, I noticed that XRP met robust resistance at the $3 area, which sparked significant selling pressure and a price reversal. This downward trend suggests a momentary pause in bullish energy, potentially due to profit-taking or distribution actions amongst traders.
After being turned down, Ripple went into a period of consolidation, dipping beneath its prolonged uptrend line. This move indicates that sellers are gaining strength and there might be a corrective phase approaching soon. The market could become more turbulent with the $2 level serving as a significant support area.
After this consolidation period, Ripple is expected to regain bullish traction, with another attempt to breach the $3 resistance likely on the horizon.
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2024-12-11 18:12