Crypto
- The cryptocurrency market is starting to recover after the recent bloodbath.
- XRP price is expected to hit new ATHs this week.
- Bitcoin bulls are again attempting to break the $100k mark.
Bitcoin (BTC) is maintaining its bullish trend, with its price reaching an impressive $97,250, marking a 2.56% increase in the last 24 hours. Apart from Bitcoin, altcoins XRP, ADA, and Dogecoin are also surging. However, XRP is stealing the show with an 11% price jump in the last 24 hours.
Recent JP Morgan financial forecasts predict that both XRP and Solana ETFs could attract billions of dollars in investments. Additionally, whale activity in the market is increasing, adding to the bullish outlook for XRP. With these factors in play, XRP could very well break past $3 in the coming days.
Analyst Insights: XRP’s Bullish Setup
Crypto analyst Ali Martinez believes XRP has one of the most bullish setups in the market, especially after its recent retest of the breakout zone. This retest has been a key indicator of the ongoing upward momentum in XRP’s price action.
Analyst Egrag Crypto points to the Megaphone Pattern as a key chart formation for XRP, first identified in March 2023. This pattern suggests that XRP’s price could see major gains over time.
Egrag has warned against rushing to set high price targets, as many traders might expect quick returns, which is unrealistic. While the Megaphone Pattern suggests strong growth, it may take time for XRP to reach its peak. However, he believes double-digit price targets are possible in the future.
XRP Technical Analysis
XRP’s price action is currently forming a rising wedge pattern, which is typically considered a bearish formation. However, according to analyst Josh of Crypto World, around a third of the time, a rising wedge can break to the upside. Therefore, while it is statistically more likely for the pattern to break downward, there is still a possibility of an upward breakout.
The price has broken the $2.62 resistance level and has also marched beyond $2.72. The analyst said that the $2.87 – $2.89 price range could be the next if the bullish momentum continues.
On the other hand, if XRP drops below the $2.39 support level, it could fall to the next major support around $2.26.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
