💥💥💥 $XRP Breakout Hints at 20-30% Bullish Surge: Analyst
XRP/USDT Pair Breaks Key Trendline, Eyes Bullish Wave
The XRP/USDT trading pair has broken a key trendline on the 12-hour chart, indicating a potential 20-30% bullish wave. ZAYK Charts confirmed this breakout, suggesting a possible rally in XRP's price.
Trendline Breakout and Bullish Potential
- ZAYK Charts’ analysis suggests that if the bullish momentum continues, XRP/USDT could target the $0.68 zone following this trendline breach.
Current Price Action
- As of now, XRP is trading at $0.5369, a 0.39% decrease over the past 24 hours, but with a 4.15% increase over the previous week. Open interest in XRP has dropped by 0.73% to $574.13 million, and its market cap has slightly decreased to $28.29 billion. Despite this, trading volume has surged by 63.52% to $813.74 million, showing strong investor interest.
Targeting $0.55 Resistance
- On the 4-hour chart, XRP has held above the key $0.50 support level, near the 38.2% Fibonacci retracement level. The next target is the $0.55 resistance level. Breaking this could push XRP to the 78.6% Fibonacci level and potentially beyond $0.57, a resistance level last tested in April. Conversely, failure to maintain this momentum could see XRP dropping back to the $0.50 support level.
Technical Indicators
- MACD: The MACD is trending downward at -0.007, indicating weak bullish momentum, with narrowing histogram bars suggesting diminishing bearish momentum.
- RSI: The RSI is at 49.62, moving upward but still below the neutral zone, indicating a potential bullish shift as bearish sentiment decreases.
Conclusion
XRP’s trendline breakout signals a potential significant bullish wave. Key resistance levels, particularly at $0.55, are crucial for confirming this momentum. Investors should watch these levels closely for potential gains.
Source - thecryptobasic.com
