💥💥💥 #analyst Identifies New $XRP Structure, Predicts Potential Rally to Double Figures
XRP #marketsentiment Signals Potential Bullish Breakout
Analysts, including Javon Marks, are highlighting a bullish setup for XRP, signaling a potential breakout that could push the price into double figures. Marks draws a parallel between XRP's current price action and its 2017 consolidation, where XRP traded within a range before a major breakout propelled it to $3.31.
Key Bullish Setup
- Since May 2023, XRP has been consolidating between $0.42 and $0.74, showing signs of hidden bullish divergence similar to 2017.
- Marks believes XRP could rally toward $17, representing a 3,029% increase if this pattern plays out.
- Other analysts, like EGRAG, suggest the "Bent Fork" pattern may trigger a breakout.
Current XRP Position
- XRP is recovering after a sharp decline in late September and is trading at $0.5464. It is testing the 0.236 Fibonacci retracement level at $0.5473, with key resistance at $0.5674. A decisive close above this level could trigger more buying interest, with the next major resistance at $0.6049.
- The RSI at 46.63 indicates neutral sentiment, but a move above 50 would signal bullish momentum, increasing the likelihood of further gains.
