XRP Goes To All-Time High If This Resistance Breaks: Crypto Analyst
July 31 2024 - 11:30AM
NEWSBTC
XRP has emerged as a standout performer among the top-100
cryptocurrencies by market capitalization today, recording a
substantial 7% increase over the past 24 hours. This surge in XRP’s
price occurs amidst swirling speculations of a forthcoming
settlement or remedies ruling in the Ripple-SEC case. Amid these
developments, XRP is dominating discussions on X (formerly
Twitter), where a flurry of optimistic posts paint a bullish
scenario for the cryptocurrency. Among the vocal proponents
contributing to this positive outlook is crypto analyst Doctor
Magic (@Doctor_Magic_), who shared several different time frame
analyses for XRP. Short-Term Outlook For XRP (4-Hour Chart) The
first chart posted by the crypto analyst shows the XRP/USD trading
pair on a 4-hour time frame. The chart highlights the currently
most crucial resistance zone (in red) just above the $0.70 mark.
This resistance level is critical, as Doctor Magic suggests that
surpassing this could pivot XRP towards new all-time highs (ATHs).
Related Reading: XRP Price Jumps As Ripple Leadership Blasts SEC’s
‘Hypocritical’ Crypto Regulation However, he warns of potential
short-term (LTF) rejections despite the higher time frame (HTF)
indicators appearing bullish, advising traders to exercise caution
with leverage long positions in this zone. “XRP most heavy
resistance, get above that and we go for ATHs. Note that even
though HTF XRP is primed on LTF this resistance could cause a LTF
rejection, wouldn’t jump into leverage longs here.” The chart shows
an uptrend line that XRP has successfully maintained, suggesting a
strong bullish momentum. The focal point is the resistance zone
above $0.70, which if breached, could potentially lead to higher
price levels. The first target could be the price level above $0.90
which was last seen after the summary judgment by Analisa Torres on
July 13 last year. A crucial element in Doctor Magic’s analysis is
the breakout observed in the Relative Strength Index (RSI). The RSI
demonstrates a clear upward breach of its previous trendline,
signaling robust momentum. Currently at 67, the RSI is approaching
the overbought threshold, which could suggest some notably bullish
days ahead for XRP’s price action if the cryptocurrency runs red
hot. Related Reading: XRP Price Poised For ‘Ultimate Breakout’ With
$18 Price Target: Crypto Analyst Notably, the $0.70 zone as the key
resistance area aligns with the Bollinger Bands analysis in the
monthly chart. XRP surged above the middle band with the latest
move and is now on the verge of breaking the upper band. “Today we
confirm the breakout on monthly RSI. XRP is less than 10% to
trigger volatility to come back which is at all time lows, $0.7 is
the area to watch,” Doctor Magic explained. Long-Term Prediction
For XRP (Weekly Chart) With regards to the higher time frames,
Doctor Magic believes that it is too early to predict the cycle top
price. Via X, he wrote, “Many of you are asking for my target on
XRP, the answer is it depends. If I am right and alts lead the next
leg up it will be the nail in the coffin for ‘it’s 2017 again’ and
I will be looking for two tops, the second one will be determined
by the first one.” The chart shared by the crypto analyst
highlights several key Fibonacci retracement levels derived from
XRP’s historical price movements, which could serve as critical
points for potential reversals or continuation of trends. These
include the 0.618 Fibonacci level at approximately $0.91,
indicating a moderate resistance point. The 0.786 level sits at
around $1.61, serving as a stronger psychological and technical
barrier. The parity level or the 1 Fibonacci level is set at $3.31,
which marked the April 2021 all-time high. Beyond this, the
analysis extends into Fibonacci extension territory, with the 1.272
level at about $8.29, and the 1.414 level at roughly $13.37. The
most notable and perhaps ambitious target is the 1.618 Fibonacci
extension level, which is placed at approximately $26.60. The
analyst concluded, “My point is it’s too soon to speak about final
target, need more data for that and I will update when its time.
For the impatient of you my best guess is we see double digits XRP
and that $26.5 will be tagged.” At press time, XRP traded at
$0.6539. Featured image created with DALL·E, chart from
TradingView.com
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