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The XRP price tumbled 2% in the last 24 hours to trade at $1.08 as of 02:17 a.m. EST on trading volume that slumped 27% to $5.6 billion.
This comes as the Ripple token price appears to be on the verge of a significant breakout, with Armando Pantoja, an analyst on X, predicting that the XRP price could reach between $8 and $30 from its current level. According to Pantoja, Elliot wave patterns indicate a major rally for XRP is imminent.
Gensler's exit + Elliot Wave patterns signal a huge $XRP breakout.
Key break points: $1.33 & $1.88.
After $1.88, it’s a clear path back to the ATH of $3.84.
Targets: $8-$30. Last time we saw this setup, #XRP skyrocketed.
Don’t miss it. #XRP #XRPArmy pic.twitter.com/aDOuceBQAH
— Armando Pantoja (@_TallGuyTycoon) November 19, 2024
Moreover, the analyst noted that the potential exit of the SEC chair, Gary Gensler, will also help push the XRP price up.
XRP Price On A Sustained Rally
The XRP/USD chart analysis is displaying a strong bullish trend in the recent weeks, evidenced by the parabolic price movement in November. The bulls capitalized on the $0.55 level to push the price of XRP through the sustained rally, according to data from GeckoTerminal.
This is confirmed by the sharp upward slope of the 50-day Simple Moving Average (SMA), which is positioned well above the 200-day SMA. The classic “golden cross” occurred earlier, when the 50-day SMA crossed above the 200-day SMA, forming around $0.55, which confirms the bullish stance.
Meanwhile, the Relative Strength Index (RSI) is at 80, which shows that the market is at extreme overbought levels. This suggests that while the bullish momentum is strong, the asset might be due for a cooldown or price correction in the short term. However, in a strong uptrend like this, RSI can remain overbought for extended periods before a pullback.
The Moving Average Convergence Divergence (MACD) is bullishly aligned, with the MACD line above the signal line, and both lines well above the zero line. This confirms strong bullish momentum. The histogram shows positive momentum increasing sharply, but the leveling off in the histogram bars suggests momentum may begin to fade soon.
XRP recently peaked at $1.20, now serving as immediate resistance. If the bullish trend holds, this level could be the next target.
Previous resistance levels around $1.00 and $0.80 may now act as support if a pullback occurs. These levels coincide with psychological round numbers and previous consolidation zones.
As the XRP price aims for a sustained rally, investors looking for alternatives may want to consider Crypto All-Stars (STARS), which according to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, has the potential to soar 10X after its launch.
Crypto All-Stars Presale Secures Over $4.6 Million – Best Crypto To Buy Now?
Crypto All-Stars ($STARS) is a groundbreaking project that brings the MemeVault ecosystem into the crypto world, allowing investors to stake multiple meme coins in one place for the first time, earning rewards in $STARS tokens.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
Supported meme coins include Pepe, Dogecoin, Shiba Inu, Floki, as well as Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. The platform plans to expand its list of stakeable meme coins in the coming months.
Traders can also stake STARS tokens for a huge 389% annual percentage yield (APY).
The project has seen explosive growth, surpassing the $4.6 million milestone today after raising more than $1 million in the past week alone.
Currently, $STARS is available for just $0.0015869. With a price hike due in about 2 days, buy soon to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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