Originally published on: December 09, 2024
XRP, the cryptocurrency, achieved a significant milestone by closing its highest weekly candle in several years at $2.60. This marked a breakthrough for XRP as it reached its first higher high-top since January 2018, breaking a trend that spanned approximately seven years.
The altcoin’s monthly chart displayed a breakout above the crucial resistance level of $2, leading to positive analyses from experts. Veteran trader Peter Brandt dubbed XRP as having “the most powerful chart in all of crypto world” due to its strong breakout above a multimonth symmetrical triangle pattern, edging closer to its all-time high of $3.40.
Brandt’s bullish sentiment signals further upside for XRP, supported by the token’s weekly market cap chart reflecting strong bullish momentum and market strength. Independent trader Dom also shared optimism, identifying $2.67 as the critical level for trend continuation.
However, not all analysts share the same enthusiasm, with personal finance educator Rajat Soni expressing skepticism about XRP’s recent price surge. Soni described the rally as potentially manipulated, resembling a “pump and dump” scenario.
Despite differing opinions, XRP’s technical analysis highlights a positive outlook, with the 4-hour chart displaying a bullish pattern that hit the tokens’ Fibonacci extension levels following a breakout above key resistance at $2. This setup suggests the potential for XRP to surpass its previous all-time high and reach $3.80 in the near future.
As XRP continues to make waves in the crypto market, investors and traders are advised to conduct their research and exercise caution when making investment decisions. Stay informed with our Crypto Biz newsletter for the latest insights and trends in the blockchain and crypto industry.
