XRP, the seventh-largest cryptocurrency by market cap, is gaining traction! The price has skyrocketed, but can it maintain the momentum? Analyst Cheeky Crypto analyzes the upswing, key resistance levels, and whether XRP is on the verge of a major breakout or an impending correction in his YouTube video.
Further information can be found below.
XRP – Ready for a breakout?
Recently, XRP fell over 4% from a high of 63 cents, creating a “fair value gap” that suggests possible further declines. However, after consolidation, XRP is likely to reach $1 in the coming weeks if it closes consistently above $0.65. In a bearish scenario, strong support is likely to be around $0.45.
Short-term analysis
In the short term, XRP rose to $0.63 but then dropped sharply. Currently, XRP is moving within a pattern that could see a decline to a target range of around $0.5993-$0.6280. For a bullish turnaround, XRP needs to rise above $0.6184, with key moving averages like the 50 SMA and the 200 EMA playing a crucial role in this phase.
Medium-term outlook
The medium-term analysis shows that XRP is in the midst of a five-wave bearish pattern that has yet to fully play out. The third wave could push XRP to the $0.51-$0.52 range unless it manages to rise above $0.64. Volume profiles suggest increased selling pressure and bearish momentum. However, if XRP can bounce off these levels, it could signal a reversal and a possible upside move. Nevertheless, the increased selling pressure suggests that the bearish momentum could continue.
Long-term perspective
On the daily chart, XRP is trading between crucial support at $0.3346-0.3575 and resistance at $0.6424. Looking ahead to 2025, long-term projections remain bullish with targets between $5.59 and $11.25. Although a move to 75-85 cents is possible, current conditions suggest that such a breakout could be delayed, with the market likely to experience volatility before any significant upside occurs.
The Stochastic RSI is signaling bearish momentum with a possible downward shift if the yellow line crosses below the white line. While the RSI remains stable, it is showing some bearish divergences. XRP’s price action has flattened out, with falling volatility and volume indicating waning interest, which could slow the rally’s progress.
Diploma
In short, XRP is at a crossroads and one wrong move can be fatal for the cryptocurrency. Despite short-term volatility, XRP’s long-term outlook remains positive, with potential for significant gains through 2025. Keeping an eye on the resistance at 64.2 cents and the support levels around 51-52 cents will be crucial for future trading decisions.
Do you think XRP can reach its all-time high in the current market?
