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XRP, the seventh-largest cryptocurrency by market capitalization is heating up! The price has surged, but can it keep the momentum? Analyst Cheeky Crypto in his YouTube video breaks down the rally, key resistance levels, and whether XRP is on the brink of a major breakout or a looming correction.
Here’s more on this below.
XRP – Ready for a Breakout?
Recently, XRP dropped over 4% from a high of 63 cents, creating a “fair value gap” that hints at possible further declines. However, after consolidation, XRP is expected to hit $1 in the coming weeks if it consistently closes above $0.65. In a bear scenario, strong support is likely around $0.45.
Short Term Analysis
In the short term, XRP surged to $0.63 but then sharply declined. Currently, XRP is moving within a pattern that could see a decline to a target range of approximately $0.5993 to $0.6280. For a bullish turnaround, XRP needs to rise above $0.6184, with key moving averages like the 50 SMA and 200 EMA playing a critical role in this phase.
Medium-Term Outlook
The midterm analysis reveals that XRP is in the midst of a five-wave decline pattern, which hasn’t fully played out yet. The third wave could push XRP down to the $0.51-$0.52 range unless it manages to break above $0.64. Volume profiles indicate heightened selling pressure and bearish momentum. However, if XRP can rebound from these levels, it might signal a reversal and a potential upward move. Still, the increased selling pressure suggests that bearish momentum could persist.
Long-Term Perspective
On the daily chart, XRP is navigating between crucial support at $0.3346-$0.3575 and resistance at $0.6424. Looking ahead to 2025, long-term projections remain bullish, with targets between $5.59 and $11.25. While a rise to 75-85 cents is possible, current conditions suggest that such a breakout could be delayed, with the market likely to experience volatility before any significant upward movement.
The stochastic RSI is signaling bearish momentum, with a potential downside shift as the yellow line crosses below the white line. While the RSI holds steady, it’s showing some bearish divergences. XRP’s price action has flattened, with dropping volatility and volume pointing to waning interest, which could be stalling the rally’s progress.
Conclusion
In short, XRP is at a crossroads and one wrong move can be fatal for the cryptocurrency. Despite short-term volatility, XRP’s long-term outlook remains positive, with potential for substantial gains by 2025. Keeping an eye on the resistance at 64.2 cents and support levels around 51-52 cents will be crucial for future trading decisions.
Do you believe XRP can reach its all-time high in the current market?
