Crypto Analysts Identify ‘Three Camel Hump’ And ‘Bouncing Point’ For XRP, What’s The Target?

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XRP has surpassed the $0.6 threshold once more following a week of adjustments in the prices of significant cryptocurrencies. This upward trend, fueled primarily by Bitcoin‘s rise, has resulted in many cryptocurrencies displaying gains since the weekend.

XRP, which is among the top crypto assets based on market value, experienced a growth spurt. Its price reached $0.6257 within the last day, marking a 5.88% surge.

Based on the views of well-known XRP experts, this latest development might be the beginning of a prolonged bullish trend for the cryptocurrency. Notably, analyst EGRAG crypto has spotted a three-peaked wave formation, which could potentially propel XRP towards a price range between $1 and $1.3.

Three Camel Hump

Recently, EGRAG observed an intriguing price pattern in XRP‘s social media data on a weekly timeframe. This pattern resembles the hump-shaped backbone of three camels. The size of these humps has progressively decreased since July 2023, indicating a series of smaller price peaks.

Based on EGRAG’s analysis, this trend indicates that a bullish breakthrough might be imminent. Moreover, surpassing the $0.75 mark would signify the reinstatement of a strong bullish trend.

#XRP Analysis: The Three Camel Humps
A) Reaching Values Above 0.75c Indicates Bullish Energy
— EGRAG CRYPTO (@egragcrypto) April 8, 2024

If XRP‘s price trend persists, the coin could potentially rise to $1.30, marking a significant 116% increase from its current price of around $0.60. However, XRP has recently been trading near minor support at $0.55. A more solid support level is seen at $0.40, which may be the lowest point in this price cycle.

Bouncing Point

According to Dark Defender, a crypto expert, XRP seems to have identified a supportive level around its present price range. This assessment is derived from XRP‘s behavior relative to Bitcoin in the 3-month XRP/BTC chart.

Based on Dark Defender’s analysis, XRP might increase in value relative to Bitcoin during the next quarter (April, May, June). This optimistic outlook for XRP holds even as we anticipate Bitcoin reaching a new record high prior to its upcoming halving event.

Hello everyone, I’m here today to examine the performance of the #XRP / #BTC pair using a monthly time frame. A big thank you to @MoonLambo for bringing this to my attention with their recent update.
For every candle or price bar, the timeframe covers the past three months (3M), with Aril marking the beginning of a new bar (signifying that the data from April, May, and June will be included in that specific candle).
— Dark Defender (@DefendDark) April 7, 2024

The analyst’s chart indicates that the XRP/BTC ratio has reached a support line which has been significant since 2015. Notably, past occurrences of this support level being tested have resulted in XRP performing better than Bitcoin during the following months.

What’s Next For XRP?

XRP is presently valued at $0.6092. Bulls are attempting to establish a support level at $0.60. Despite the ongoing legal battle between Ripple and the SEC, XRP stands out as the only cryptocurrency with clear legal status in the US. Consequently, numerous investors and analysts remain optimistic about XRP‘s future, with one expert forecasting a price of up to $1,000 within the next five to ten years.

For now, the immediate price goal lies roughly between $1 and $1.3. This level hasn’t been reached by XRP since last November.

Crypto Analysts Identify ‘Three Camel Hump’ And ‘Bouncing Point’ For XRP, What’s The Target?

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2024-04-09 23:11