Analyst Steph Is Crypto has issued an urgent update on XRP’s price action, following an earlier analysis that highlighted its near-breakout from a bull flag pattern.
The analyst’s latest remarks highlight the critical nature of the current market situation and the importance of specific resistance levels. By diving into historical trends and technical indicators, Steph provided insights into whether XRP is poised for a major breakout or further consolidation.
Related: YouTube Analyst Makes Bold XRP Price Prediction: Can the Ripple Token Mirror 2017 Rally?
What you'll learn 👉
XRP’s Price Action
According to Steph Is Crypto, XRP attempted a breakout from a bull flag pattern but failed to sustain it. The crypto fell short of closing above the critical resistance level of $2.50. This rejection led to a downward trend, with XRP trading at $2.31.
CoinGecko data shows that XRP has experienced a 5.26% decline over the last 24 hours but remains 9.91% higher over the past week.
The analyst emphasized the importance of breaking above $2.50 to confirm a bullish trajectory. A daily candle close beyond this level could trigger a major rally. Besides, he noted strong support around $1.85 to $1.94 incase of a steeper dip.
Indicators of a Potential Breakout
Steph Is Crypto suggested that XRP might still achieve a breakout soon. They pointed to the tightening Bollinger Bands, indicating potential market volatility. Historical data also supports this optimism. A similar squeeze in November previously resulted in a 500% rally.
The analyst predicted that XRP could reach targets between $4.00 and $15.00, depending on market momentum. However, they cautioned that timing remains uncertain.
Read also: Why Holding 1,000 Stellar (XLM) Tokens Right Now Could Be a Big Deal
Historical Patterns Post-Election Cycles
Highlighting historical trends, Steph noted that XRP often rallies following U.S. elections. They referenced the 2017 and 2020 bull runs, which saw exponential growth.
The analyst anticipates a similar surge in the months after the 2024 election cycle, with substantial growth expected in 2025.
“XRP pumps hardest after elections,” they stated, reflecting confidence in the token’s potential.
Optimism Amid Market Sentiment
Despite recent setbacks, the analyst remains optimistic about XRP’s future. They emphasized the importance of long-term holding, citing the token’s utility and potential.
Encouraging patience, they concluded with a call to action for viewers to engage with the analysis. With the market at a critical juncture, all eyes are on XRP’s next move. Waiting for signs of a confirmed breakout that could drive the token to new heights will be crucial.
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