XRP Price Chart Suggests Run to $3.20 Is Possible Despite Recent Correction

As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to read between the lines of price charts and technical indicators. The current XRP situation is reminiscent of its previous breakout from a descending triangle in November last year. If history repeats itself, we might be looking at another 350% surge. However, as a wise man once said, “The only constant in life is change.” So, while it’s exciting to speculate, I always remind myself that past performance is not an indication of future results.

Over the past week, I’ve observed a significant adjustment in the value of XRP, aligning with the overall market trend. However, today, there’s an intriguing development on the XRP price chart that could bring a smile to any altcoin investor.

Based on the current observed pattern, I’m curious to see if a comparable price breakout towards $2.90 could occur again in the future.

The Token Wants to Repeat History

From September 29th until November 6th, the value of XRP followed a bearish trend enclosed by a descending triangle on the chart. This pattern is characterized by a downward sloping upper boundary and a relatively flat, horizontal lower boundary.

If the cost drops beneath the flat line, it typically keeps falling. On the other hand, shattering the upper boundary line frequently initiates a substantial upward trend. Notably, on November 7, XRP breached this pattern, resulting in an impressive 350% increase in its price.

Today’s graph indicates a developing descending triangle pattern for the token. Should history follow a similar course, we might expect a significant rise in the altcoin’s value again.

An additional piece of evidence for this bias comes from the Money Flow Index (MFI), which evaluates the currency’s buying and selling activity by examining its price and trading volume.

For this financial indicator, its values range from 0 to 100. When the Money Flow Index (MFI) surpasses 80, it suggests the asset is overbought, potentially signaling a good time to sell. Conversely, if the reading drops below 20, it indicates the asset might be oversold, which could mean it’s an opportune moment to buy.

Currently, the Microfinance Factor Index (MFI) has increased from 42.05 to 61.64, suggesting robust demand for XRP. If this trend persists, there’s a possibility that the value of XRP could surge well beyond $2.24.

XRP Price Prediction: 43% Hike Possible

Observing the movement of XRP’s price indicates it has been fluctuating between approximately $2.20 and $2.72 since December 3, implying a struggle between those looking to buy and those looking to sell.

If the Money Flow Index (MFI) increases, the trend could shift upward in the near future. Meanwhile, XPR encounters resistance at approximately $2.90. For XRP to overcome this obstacle, buying activity must significantly increase compared to its current level as depicted on the price chart.

If things go as expected, the value of the altcoin could increase by approximately 43.53%, reaching around $3.20. However, if it fails to surpass the resistance at $2.90, this prediction may not hold true and the price of XRP might drop to about $1.40 instead.

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2024-12-24 17:48