XRP price rare pattern points to Ripple hitting $1

by

As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s weathered more bear markets than I care to remember, this latest surge in XRP has me feeling quite optimistic. The golden cross formation, coupled with the bullish cup and handle pattern, suggests we could be looking at a significant upward movement. If you’ve learned anything from crypto, it’s that the market can be as unpredictable as a roller coaster ride, but these technical indicators give me hope that XRP might just hit that elusive $1 mark.

As an analyst, I’m observing that my analysis indicates a robust uptrend for XRP, propelling it to touch $0.6985 – the highest point since March 14.

Over the past four days, I’ve witnessed an impressive rally in my Ripple (XRP) investments, fueled by a surge of positive sentiment across the cryptocurrency market. Reaching its zenith, the token soared more than 80% from its lowest point this year, marking a significant recovery for me as an investor.

The rise in value occurred simultaneously with a wide-spread increase in cryptocurrencies, causing the combined market value of all coins to surpass $3 trillion for the first time since 2021. Bitcoin (BTC) neared $90,000, and experts believe it might reach $100,000 shortly.

The surge in Ripple’s value is largely due to Donald Trump’s recent election, as his promise to install a pro-crypto regulator might ease some of the network’s ongoing legal troubles. If Trump follows through and replaces Gary Gensler with a crypto-friendly figure, the agency could withdraw its appeal on the court ruling from October, which could further boost Ripple’s momentum.

Resolving Ripple’s legal dispute with the SEC might speed up the expansion of their network, potentially opening up partnership opportunities with financial institutions such as banks and money transfer agencies.

Furthermore, it’s possible that the Securities and Exchange Commission might become more open to authorizing spot XRP ETFs, which could happen as early as the beginning of the following year.

The cost of XRP has risen as well, fueled by whispers from developers regarding a forthcoming dirham-backed stablecoin. If launched, this new coin would follow in the footsteps of Ripple’s RLUSD, which is backed dollar-for-dollar and monitored by American regulators.

Currently, the value of XRP’s futures contracts exceeded one billion dollars for the first time since September 30, suggesting an increasing interest in the cryptocurrency. According to CoinCarp data, the number of XRP holders has been steadily climbing and now surpasses 4.8 million.

XRP price forms a golden cross

Today’s graph indicates a robust resurgence of XRP, as it approaches its highest point since March 14th. For a moment, it surpassed the significant barrier at $0.6655, which was its peak on September 29th.

Significantly, XRP is exhibiting a positive trend as its 200-day and 50-day Exponential Moving Averages have crossed paths in an optimistic manner, indicating a potential upward momentum for the token. Furthermore, it showcases a very promising cup and handle formation, which is typically bullish in nature.

Consequently, it’s expected that the price of XRP could keep climbing, as investors aim for a significant hurdle at approximately $1, representing a potential surge of 56% from its present value. However, this prediction may prove incorrect if the price falls below $0.60 instead.

Read More

2024-11-12 22:36