Date: Wed, Nov 20, 2024, 10:56 AM GMT
In the cryptocurrency market today, Bitcoin (BTC) continues its strong upward momentum, surging above $93K. Riding on this bullish wave, XRP, the top altcoin, has gained significant momentum. XRP is currently trading at $1.12, marking an impressive 100% surge over the past month.
Source: Coinmarketcap
Weekly Chart Analysis
XRP's rally has been remarkable, especially following its breakout from a four-year-long downtrend. This breakout ignited a massive rally, propelling XRP's price from $0.57 to a recent high of $1.26.
After reaching $1.26, XRP has been consolidating above a critical support level at $1.01, forming a strong base for the next potential move upward. If bullish momentum continues, XRP's next upside targets include $1.26 and $1.34—key resistance levels that align with its historical price action.
1-Hour Chart Analysis
On the 1-hour chart, XRP recently showcased a classic bullish breakout. It had been consolidating within a symmetrical triangle pattern after reaching the $1.26 high. Moments ago, XRP broke out of this pattern, crossing the trendline resistance at $1.10, and is now trading at $1.1165.
For confirmation of this breakout, traders are closely watching the $1.12 level. A sustained move above this point could pave the way for further gains, with immediate upside targets at $1.17, $1.20, and $1.26.
However, traders should remain cautious. In case of a pullback, XRP could retest the $1.10 breakout level, which may act as a strong support before resuming its upward trajectory.
Conclusion
XRP's price action remains in a pivotal zone, with both the weekly and hourly charts suggesting the potential for a breakout. Whether the symmetrical triangle resolves to the upside or downside will likely determine XRP's short-term trajectory. However, the broader bullish sentiment in the market suggests that XRP is well-positioned for further gains.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
