XRP forms a bullish wedge pattern, indicating a potential upward breakout soon.
Elliott Wave and Fibonacci levels suggest key price targets around $0.55 and $3.55.
Momentum indicators support a bullish scenario, signaling increased buying pressure.
XRP is close to breaking out soon as seen from a chart shared by analyst Amonyx. The chart gives a technical analysis of XRP and it indicates that there is a possibility that XRP could increase in the short term. This analysis relies on the Elliott Wave theory along with other additional technical indicators. The chart focuses on the price levels and trends regarding the possible rise of XRP.
This chart will definitely work. #XRP 
Are you ready for a shock?
pic.twitter.com/XqSoFTJaZP
— Amonyx (@amonbuy) September 19, 2024
Technical Overview and Indicators
The chart adheres to the Elliott wave pattern and is characterized by five waves. The latest wave is labeled as Wave 5 that seems to have completed which raises the possibility of an upward move. This is in line with the bullish wedge formation noted on the chart. The pattern depicts price consolidation after a period of upward movement, often followed by a breakout.
Several technical signals point to this possible breakout. The Fibonacci retracement levels show a critical support at 0.382, around $0.26. The chart also shows the resistances around the 0.618 and 0.786 Fibonacci levels. It seems like XRP is now trading within a consolidation range and the next possible target level highlighted is $3.55 based on the Fibonacci extension level.
There are also signs of increasing momentum as portrayed by indicators, including the Stochastic RSI and the Money Flow Index (MFI). The Stochastic RSI is currently around 64, indicating room for further growth before reaching the overbought zone. Likewise, the MFI points to higher buying pressure currently at 68, reinforcing the likelihood of a bullish scenario proposition.
Further backup is the Fisher and the Momentum trend indicators that seem to be rising. The Fisher transform is over midpoint obviously suggesting that there is a potential uptrend while the momentum indicator is positive suggesting continuing strength on the price trends.
The analyst’s chart also predicts a sharp rise in XRP’s price. The analysis points to the $0.55 and $1 levels as key areas of interest. This aligns with the expectation of a potential upward breakout from the wedge formation. The strong confluence of technical indicators and patterns suggests that XRP could be poised for a significant price movement.
The post XRP Set for Potential Breakout: Analyst Predicts a Big Move appeared first on CryptoTale.
