Cryptoinsightuk, a leading crypto analyst, XRP Some opinions about the coin’s price chart shared. This chart provides clarity about the asset’s trajectory. The primary focus is on a daily candle close above $0.75. It is possible that this price point is a confirmation signal for the long-awaited XRP bull run.
Significantly, a breach of the $0.75 resistance level would signify a breakout from a prolonged accumulation phase lasting approximately 250 days. Cryptoinsightuk suggests that such a breakout could push XRP towards a short-term target of $1.2.
$XRP update.
We are looking for a daily candle close above $0.75.
NEWS CONTINUES BELOWWhen we see this, it confirms a breakout above the range in which we have been accumulating for over 250 days.
This would suggest we should see a minimum expansion to $1.20.
NEWS CONTINUES BELOWVolume is picking up on the whole… pic.twitter.com/yhEVHvqPav
— Cryptoinsightuk (@Cryptoinsightuk) March 25, 2024
Current XRP Market Position
XRP is currently at $0.6272. Additionally, it has increased by a modest 0.26% over the last 24 hours. Reaching the $1.2 target set by the analyst would mean a 91% upside for the digital asset.
However, reaching $0.75 may be difficult. XRP has attempted to surpass this important level many times, which it surpassed in July 2023 after a significant victory in the lawsuit against the SEC. The digital asset has failed multiple times, surpassing $0.7 but failing to reach $0.75.
Supporting Comments from a Leading Analyst
Another analyst, EGRAG CRYPTO (@egragcrypto), also predicted a short-term target of $1.2 for XRP. However, EGRAG CRYPTO’s approach differs. Although he cited a technical indicator to support his goal, he was inspired by historical XRP price patterns. He identified similarities between current chart patterns and a wave formation observed before a significant XRP price increase.
Additional Bullish Indicators for XRP
Cryptoinsightuk supports the short-term bullish outlook for XRP by highlighting several additional factors. He pointed to an increase in overall trading volume for XRP, suggesting increased investor interest.
Additionally, the analyst is observing a potential rise in the Relative Strength Index (RSI) of the daily chart. RSI is a technical indicator used to measure potential overbought or oversold conditions of an asset. Finally, Cryptoinsightuk, BitcoinHe notes that a breakthrough above ‘s all-time high could trigger a broader surge in altcoins, including XRP.
Bitcoin reached an all-time high in early March. The altcoin market has recently shown signs of this, with Shiba Inu surging over 250% and others showing similar trends.
The analyst believes that there are strong similarities between current market dynamics and those observed in 2021. However, he acknowledges that XRP may not be able to fully recreate the rally of 2017. Even so, he is confident a breakout is imminent. Additionally, he expects some similarities between the upcoming rally and 2017.
