Ripple (XRP) Can Go As High as This Level If Price Breaks $0.70, Analyst Shares The Nearest Support Zone
Cryptocurrency trader Maximus Prime has set a positive tone for Ripple’s XRP, pointing to a potential upward trajectory should the coin surpass the $0.70 mark.
Expressing confidence in a substantial climb to $1.53, he emphasizes the significance of breaking free from a large symmetrical triangle. This move, he suggests, could open the door for further gains, albeit acknowledging potential turbulence on the way up.
Supporting this outlook, altFINS analysis characterizes the current status as bullish, identifying a bullish flag pattern in its breakout stage. The proposed trade setup envisions an upside potential of $0.92, referencing the peak achieved during July’s notable rally.
To manage risk, traders are advised to set a stop loss at $0.53. The analysis highlights a previous bullish breakout from an ascending triangle pattern and a move above the 200-day moving average as signals of a renewed uptrend.
However, the recent overbought conditions prompted profit-taking, resulting in the formation of a bullish flag pattern. This pattern is considered a reliable continuation signal, indicating a brief consolidation before the resumption of the previous trend. Traders, therefore, are encouraged to remain vigilant and responsive to potential market movements.
Source: altFINS – Start using it today
The overall trend for XRP is characterized as upward across short, medium, and long-term horizons. Momentum indicators present a mixed picture, with the MACD Line above the Signal Line (bullish) while the RSI hovers around 50 (neutral).
In terms of support and resistance, key levels to watch include a support zone at $0.55 (previous resistance), followed by $0.45. On the upside, resistance zones are identified at $0.68 and $0.92.
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Show more +Traders are advised to exercise caution, stay informed, and utilize price alerts to respond to dynamic market conditions effectively.
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