Originally published on: December 09, 2024
XRP, the digital asset, has made a significant breakthrough by registering its highest weekly candle close in years at $2.60. This marks its first higher high-top since January 2018, nearly seven years ago. The altcoin’s monthly chart is also showing a multimonth breakout above key resistance at $2, leading to positive market sentiment.
Renowned trader Peter Brandt has expressed his optimism about XRP’s market structure, calling it “the most powerful chart in all of the crypto world.” Analyzing the token’s strong breakout above a multimonth symmetrical triangle pattern on the weekly market cap chart, Brandt believes there is further upside potential for XRP, with its value nearing its all-time high at $3.40.
Independent trader Dom has highlighted $2.67 as the crucial level to watch for trend continuation, emphasizing the importance of turning resistance into support for the token’s sustained growth. While some analysts like Rajat Soni have expressed skepticism about XRP’s recent price rise, attributing it to potential market manipulation, technical indicators suggest a bullish trend for the digital asset.
The 4-hour chart for XRP shows a bullish pattern that previously reached the tokens’ Fibonacci extension levels following a breakout. With the price testing the 50-day EMA level and the RSI around the 50 mark, XRP is positioned for a potential rally towards its all-time high at $3.80 in the coming weeks.
As XRP continues to defy expectations and break long-standing price trends, investors and traders are closely monitoring its movements for lucrative opportunities in the crypto market. Subscribe to our Crypto Biz newsletter for more insights and analysis on the latest trends in blockchain and digital assets.
