XRP market sentiment is heating up as analysts have identified major bullish signals pointing towards a possible near-term breakout towards double digits.
In his latest analysis, analyst Javon Marks points out that the current XRP setup is similar to the 2017 price movement structure, with XRP consolidating in a horizontal range of $0.004 to $0.009 for over two years. did.
XRP bullish setup
Interestingly, there is a hidden bullish divergence during this phase, indicating the underlying strength of the market despite relatively stable prices. In early 2017 after the divergence, XRP experienced a major breakout, surging from its consolidation range to a peak of $3.31.
XRP 6D Chart | Javon Marks
Now in 2024, XRP is showing signs of strength once again. According to analyst charts, XRP has been trading in a similar rectangular consolidation zone between $0.42 and $0.74 since May 2023.
There is also a hidden bullish divergence in this range, similar to the pattern observed in 2017. Analysts believe this could be a sign of another explosive breakout. Analysts also noted an area of consolidation marked by a green circle in the chart that occurred right before XRP’s breakout in 2017.
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This consolidation area will unfold in 2024 as XRP forms a separate structure. The emergence of this structure could mean that XRP is currently gathering strength towards a breakout. Despite not providing a clear target, Marks’ chart depiction suggests a rally towards $17.
At current prices, XRP needs to rise 3,029% to reach its $17 target. Notably, other analysts are also predicting a rise to this price level, with one such person, EGRAG, citing what he calls a “bent fork” as a potential trigger. I am quoting.
XRP current position
On the daily chart, XRP is showing signs of recovery. At the time of writing, XRP is trading at $0.5433, recovering from a sharp drop at the end of September.
From September 30th to October 3rd, altcoins experienced a short-term crash following the SEC appeal notice, but managed to stabilize and form a symmetrical triangle.
The chart shows that XRP is currently testing the 0.236 Fibonacci retracement level located at $0.5443. For a breakout from the symmetrical triangle to materialize, XRP would need to decisively close above the 0.382 Fibonacci level at $0.5674.
If this happens, there will be a wave of buying interest, which could lead to a sustained rally. The next major resistance level is the 0.618 Fibonacci level at $0.6049, which would further confirm the bullish momentum.
Meanwhile, the Relative Strength Index (RSI) is currently at a neutral value of 46.63. However, an RSI value above 50 indicates bullish momentum. Given that XRP is trading just below the 50 mark, a slight increase in price could quickly push the RSI into bullish territory.
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