👉👉👉 $XRP Poised for 70% Surge Following False Break of Support
XRP faced a significant downturn in mid-April, plunging nearly 24% between April 11 and 13 to reach a low of $0.4188, marking its lowest price point of the year. This drop echoed a similar crash observed last August.
A Quick Recovery
- However, XRP swiftly rebounded from this low, experiencing a 5% intraday gain the following day and reclaiming the $0.50 price range. Market analyst Linda highlighted this as a false breakdown below a crucial support level, noting the robust defense of the $0.50 psychological support since last October.
- Despite the breach, Linda remains optimistic about XRP's bullish prospects, anticipating continued consolidation above the $0.50 mark, eventually leading to upward momentum.
Anticipated Breakout
- Linda identified a symmetrical triangle pattern that XRP has been following since April 2021 on the weekly timeframe. She predicts a breakout above the upper trendline of this pattern, potentially setting the stage for a 70% surge, targeting the $0.85 level last seen in July 2023.
Challenges Ahead
- XRP faces challenges in reaching its target, needing to surpass resistance at $0.6431 and $0.7325. Whale accumulation, particularly observed in mid-April, with 600 million XRP accumulated by addresses holding between 100,000 and 10 million XRP, could assist in overcoming these obstacles. Linda attributes this trend to a strategic buy-the-dip campaign by investors, boosting buying pressure.
Maintaining Support Levels
- As XRP currently trades at $0.4983, it's essential for the cryptocurrency to hold above critical support levels to sustain its consolidation range. The $0.50 mark remains a pivotal support level, with a breach potentially bringing the $0.4226 level into play.
Remember, investing in #cryptocurrencies is highly speculative and involves a significant risk of loss. You should never invest more than you can afford to lose also do your own research.
Source - thecryptobasic.com
