As a seasoned analyst with over two decades of experience in the financial markets under my belt, I’ve seen bull runs, bear markets, and everything in between. The current crypto market is no exception, and I find myself intrigued by the performance of Ripple’s XRP amidst this latest surge.
TL;DR
- While BTC and other assets surged, XRP held steady, but analysts predict it could break out if it exceeds key resistance levels.
- Some experts see potential regulatory changes under Trump’s administration boosting XRP’s performance.
New ATH After This Significant Milestone?
In the last day, the cryptocurrency market has seen another surge, propelling several major assets significantly higher. Bitcoin (BTC) hit an unprecedented high close to $77,000, Cardano (ADA) saw a price jump of approximately 20%, and Ethereum (ETH) is nearing the $3,000 mark.
Contrary to that, Ripple’s XRP is once again among those charting little-to-no gains. It currently trades at approximately $0.55, the same level witnessed on November 7.
As an analyst, I may express my observations in this manner: “Although it’s currently underperforming relative to the broader market, my optimism remains undimmed. The widely-adored X user Dark Defender recently pointed out that XRP rebounded from our designated support level and even brushed against the Ichimoku Weekly Clouds. This trader also speculates that the asset’s weekly RSI is on the verge of indicating a golden cross, suggesting potential bullish momentum ahead.
Following their analysis, they established $0.6649 as a significant resistance level. If this level is surpassed, XRP might soar to reach $1.88 and potentially even touch its record high of $5.85.
Opinions suggesting XRP’s price might surge significantly also emerged from Mikybull Crypto and BitBoy. Mikybull anticipates a substantial increase similar to the one seen following the U.S. presidential elections, with Trump’s victory this week marking him as America’s 47th President starting next January.
User ‘BitBoy’ proposed that if the Chair of the U.S. Securities and Exchange Commission, Gary Gensler, were to be dismissed (as Trump had earlier suggested), XRP could potentially outperform other top 100 cryptocurrencies.
The regulator and its leader have been at war with multiple crypto firms, including Ripple. It is safe to assume that the XRP army will cheer Gensler’s change with someone more open to innovation and less inclined to hamper the industry’s development through constant court battles. We have yet to see whether Trump will stick to his crypto promises.
Surpassing $1 for Good Under This Condition
A different voice offering their opinion on the subject was EGRAG CRYPTO, a user from the X industry. This analyst suggested that the pattern of XRP’s value has been following what is known as the “Just Do It” pattern, reminiscent of Nike’s logo. They predicted that this trend could potentially drive the price up to around $1.60 in the future.
EGRAG CRYPTO proposed an interpretation stating that if XRP manages to secure a robust weekly closure above $1.10 and establish it as a strong support level, this could potentially indicate that XRP might permanently part ways with the $1 price point.
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2024-11-08 15:56