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After days of market turbulence, all eyes are on XRP as it faces a key resistance level. According to prominent crypto analyst CrediBULL Crypto, XRP is showing strong potential after profits were secured on an earlier long position. With its bullish setup, there’s growing speculation that XRP could hit $2.65 soon.
XRP/BTC Pair Looks Strong
In a recent update, the CrediBULL Crypto pointed to the XRP/BTC pair as one of the most bullish setups in the entire crypto market, especially given its recovery from recent lows of $1.96. Perhaps now the XRP/BTC chart hints at a fresh opportunity, with the price forming a solid base that could lead to an upward breakout.
$XRP currently trading back at my original entry on the $XRP long I shared earlier so securing profits looks like it was the right move.With that being said, the XRP/BTC chart below looks absolutely fantastic, so I will be looking to position long once again for another trade… https://t.co/oKMZCscyEb pic.twitter.com/K3WUz3eFjr
— CrediBULL Crypto (@CredibleCrypto) December 24, 2024
However, the recent XRP/BTC chart reveals a steady “powder keg” effect, where the price is consolidating in a key support zone while building pressure for a strong move. Meanwhile, the formation of higher lows and consistent support off the recent bottom highlights XRP’s resilience.
CrediBULL Crypto even called this “the most bullish-looking chart in the entire crypto space,” showing high confidence in XRP’s next phase.
Analyst Plans a New Long Position
Looking at the XRP’s bullish scenario CrediBULL Crypto has shared plans to enter the market again with a long position in the coming days. This confidence adds weight to the bullish outlook for XRP/BTC.
Based on the analyst’s one-hour chart suggests that XRP might first move slightly downward before shooting up by more than 65%.
The chart also shows a possible inverse head-and-shoulders pattern, which is seen as a positive sign in technical analysis. This pattern often signals that prices could rise soon, making XRP a coin to watch closely.
XRP Price Analysis
Despite these price fluctuations, XRP Whales recently added 40 million tokens during the price dip, showing strong confidence in its future. As of now, XRP is trading at $2.178, down by over 4% in the past 24 hours. Meanwhile, the token is eyeing crucial support at the $2.35 level.
However, some analysts believe that if XRP can break through this resistance, it could spark a rally, clearing price levels of $2.40, $2.50, and $2.65. From there, XRP might aim for $2.72 and potentially surge as high as $3.50.
