As a seasoned crypto investor with a knack for spotting trends and analyzing market movements, I find myself intrigued by the recent fluctuations of XRP. After witnessing its remarkable 500% surge since November 1st, it’s natural that a temporary retreat leaves one questioning the bull run’s longevity. However, upon closer examination of the technical analysis, I’m inclined to believe that the Ripple bull run may have more room to grow.
As a researcher, I’ve observed a significant downturn in the XRP price, which has plummeted approximately 25% from its year-to-date peak. This decline marks an end to the robust surge that propelled it to levels last seen in 2018, signifying a notable retreat. Interestingly, this dip occurred despite Bitcoin surpassing the crucial $100k threshold. Consequently, this slip has sparked questions among investors about whether the XRP bullish trend might have reached its zenith.
XRP Price: Technicals Hint Bull Run Has More Room
The value of XRP has attracted attention recently, surging nearly 500% from November 1 to December 3. Although the surge seems to have slowed down for now, there’s growing speculation that the coin could see further gains as the cryptocurrency market rally persists.
In the immediate future, the recovery of Ripple may hinge on its closing position for the day. On the daily graph, it appears to be developing either a hammer or a doji candlestick formation.
As an analyst, I’d rephrase that as: When examining candlestick patterns, a hammer typically consists of a compact body at the bottom with a long lower ‘shadow’ but no upper one, while a doji features both a lower and upper shadow along with a minuscule body. Notably, both these configurations often foreshadow a bullish reversal in the short term.
If the closing price of XRP surpasses $2.1793, it’s probable that we’ll witness a rebound, possibly reaching this year’s high of $2.90. Breaking above this level could signal further increases, according to certain analysts.
According to a recent post on X, well-known cryptocurrency expert Crypto Michael anticipates that Ripple’s price might surge towards its record peak of $3.37 in the coming weeks. Some other analysts estimate that the value of Ripple could range from $3 to $5.
Instead of maintaining a bullish outlook, falling below the significant support level at $2.17 would contradict the current optimistic perspective and suggest further declines. In such a scenario, it might drop to the 50% Fibonacci Retracement level situated at $1.6475.
What Next For Ripple XRP?
In summary, whether the XRP bull run has ended or not depends on the closing price of December 5th. If the closing price is below $2.1793, it might signal a correction and an end to the short-term bull run for Ripple investors. However, if the closing price is above $2.1793, it suggests that there’s no technical weakness, possibly indicating a consolidation or continuation of the rally in the near future.
Despite any specific technical factors, the overall perspective for Ripple and XRP appears to be brightening following the appointment of Paul Atkins as the new SEC chair. We’re eager to hear the thoughts of Ripple’s CEO on this regulatory change, which could potentially influence the nearly $4 billion XRP market.
Ripple’s Brad Garlinghouse Hails Atkins As An Outstanding Choice
Ahead, the value of XRP is likely to be pushed forward by several positive factors. One significant factor is the appointment of Paul Atkins as the next Securities and Exchange Commission chairman. In a statement, Brad Garlinghouse, Ripple’s CEO, praised this decision, stating that Atkins will bring a sensible approach to the agency.
Ripple is gearing up to introduce a new stablecoin called RLUSD, designed primarily for institutional use. They are currently seeking final approval from the New York Department of Finance before launch. The RLUSD and XRP are expected to collaborate in enhancing international transactions by streamlining cross-border payments.
Primarily, the momentum in the cryptocurrency market may potentially boost XRP’s value. With Bitcoin surpassing $100,000 and altcoin season on the rise, it’s reasonable to expect a surge for Ripple as well. Moreover, the crypto market’s fear and greed index is still above 80, indicating a positive trend that could potentially propel Ripple upward soon.
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2024-12-05 15:45