XRP Price Prediction as Analyst Points to Critical Trendline Break – Is a Major Bullish Move Imminent?
The XRP price has gained by 2.5% in the past 24 hours, rising to $0.615287 on a day when the cryptocurrency market has risen by 3.5%.
Expectations of Fed rate cuts as soon as the first quarter of 2024 are the main driver of today’s positivity, with XRP now up by 3.5% in the past week and by 10.5% in the last 30 days.
The altcoin has also gained by 80% since the beginning of 2023, which has been a highly positive year for the token, providing it with ongoing momentum that’s likely to carry into further gains in the coming weeks.
Indeed, some analysts are already pointing to key indicators which suggest XRP could break out very soon, with at least one suggesting the potential for a “parabolic” move very soon.
One thing that could be said about XRP’s chart right now is that, after several weeks of correcting, it could be ready for a renewed rally.
Its RSI (purple) had fallen as low as 40 a week or so ago, but now it has just risen back to 50, potentially a sign of price rises to come.
And while XRP’s 30-day average (yellow) has seen its curve flatten a little in recent days, it continues to rise above its 200-day average (blue), a sign that the token remains in the middle of a broader period of growth.
The coin’s support level (green) also backs up this view, rising noticeably since October and preventing any fall back down to lower levels seen in previous months.
Analysts are also suggesting that XRP is due for further gains soon enough, with some hinting at the possibility of substantial rises.
#XRP – monthly close coming! 3 things need to happen for PARABOLIC MOVE!
1. Bullish cross on the SRSI
2. Both SRSI lines cross above 80
3. 8-year trendline breaks
Then 5% (smart money) will take life changing profits! Will u be the 5%?
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