XRP’s Roadmap To Success: Analyst Forecast A Strong Bullish Turn In 2024
June 19 2024 - 9:00PM
NEWSBTC
Despite its recent decline, XRP, one of the largest
cryptocurrencies by market cap, now holds the potential for
substantial gains. Particularly, according to a recent technical
analysis by Amonyx, XRP is poised for a bullish run against both
the United States dollar and Bitcoin throughout 2024. This optimism
is grounded in several key technical indicators and historical
price actions, suggesting that XRP might soon experience notable
price movements. Related Reading: Altcoin Massacre? Prices Plummet
40-90%, Recovery Stalled — Analyst Technical Forecast: XRP Path In
2024 Amonyx’s technical assessment focuses on the long-term price
trends of XRP, particularly its performance within an ascending
channel established in 2014. The XRP/USD pair analysis points to
consistent behavior within this channel, bounded by its upper and
lower trendlines. Key Fibonacci retracement levels identified at
0.618, 0.786, 1.618, and 2.618 are seen as potential resistance and
support zones. The analysis highlights these zones as pivotal areas
where price reversals or consolidation might occur. Moreover, the
analyst projects a bullish surge toward the 2.618 Fibonacci level
by 2024, suggesting that investors might witness a significant
uptick in XRP’s value. This ‘flip zone’ the analyst wrote on the
chart at the upper end of the trend provides a theoretical point
for the asset to consolidate or reverse, indicating critical
trading opportunities. Turning to the XRP/BTC chart, a similar
detailed examination reveals a persistent descending trendline
starting from the same base year, 2014. This trendline has been a
resistance point for XRP, with the price nearing another test of
this boundary. The analysis includes observations of bullish and
bearish divergences on momentum indicators such as the Relative
Strength Index (RSI), suggesting potential for upcoming price
movements. The projected path on the XRP/BTC chart envisions a
bullish trajectory for the 1.618 Fibonacci level, corroborating the
bullish sentiments from the XRP/USD analysis. This convergence in
analysis across different currency pairs further strengthens the
case for XRP’s growth potential relative to both the dollar and
Bitcoin. Current Market Position and Outlook Despite these
optimistic projections, XRP’s price currently trades at $0.49,
having recovered slightly by 1% after a nearly 10% decline over the
past two weeks. Related Reading: This Is The Biggest Issue With
Altcoins This Cycle: Crypto Analyst This recovery could be the
onset of the anticipated bullish trend. Insights from CryptoQuant
highlight an increase in XRP’s Open Interest (OI), particularly
following developments related to regulatory news involving the
SEC. This surge in OI indicates a growing interest from traders,
aligning with the expected price increase. Meanwhile, Santiment has
recently suggested that XRP’s current market conditions and a
30-day Market Value to Realized Value (MVRV) ratio of -3.5% place
it in a mildly bullish category. 🐂 The lower a cryptocurrency’s
30-day MVRV is, the higher the likelihood we see a short-term
bounce: Bitcoin: -4.0% (Mild Bullish) Ethereum: -4.3% (Mild
Bullish) XRP: -3.5% (Mild Bullish) Dogecoin: -16.7% (Very Bullish)
Toncoin: -0.6% (Neutral) Cardano: -12.6% (Very Bullish)
pic.twitter.com/zHGg4t3qo1 — Santiment (@santimentfeed) June 19,
2024 Featured image created with DALL-E, Chart from TradingView
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