#AppleCryptoUpdate #BinanceHODLerSTO $XRP
XRP price shows strong signs of recovery, according to a new technical analysis conducted by cryptocurrency analyst "The Signalyst" from TradingView. The cryptocurrency is trading within an ascending channel and is quickly approaching a key support area, indicating that bulls may be preparing for a larger rise.
XRP price returns to activity
In a recent analysis on TradingView, The Signalyst announced XRP's return, enthusiastically discussing the next upward movement of the digital currency based on its current price action. The analyst revealed that XRP's future outlook is largely positive, suggesting the possibility of a strong upward trend.
Related reading: XRP price breaks through the "magic line" as it continues to rise towards $3
It revealed that the altcoin is experiencing a steady rise within a clearly defined ascending channel, showing a medium-term upward trend. The XRP chart, highlighted by a cryptocurrency expert on TradingView, shows consistently higher highs and lows, a hallmark of positive price movement.
What is particularly striking in XRP's current price action is its interaction with a key demand area, indicated in green on the chart. This area has long represented a strong support and resistance level, having witnessed many rejections and consolidations in the past.
XRP
Source: The Signalyst on Tradingview
The analyst also emphasized the area surrounded by the blue circle on the price chart, where the horizontal green support area intersects with the lower boundary of the ascending channel. This convergence of horizontal and diagonal support levels significantly enhances the likelihood of an upward trend. Additionally, the TradingView expert pointed to this area as a key area for identifying strong buying opportunities.
A BitStarz player achieves a record win of $2,459,124! Will you be the next big winner?
While The Signalyst remains highly optimistic about XRP, he stated that he will closely monitor its price action as it approaches the blue circle area. During this time, he will watch for bullish reversal indicators, such as a double bottom pattern, a trendline break, and other key signals to confirm the next move.
Altcoins are preparing for a massive rise before the crash
In other news, XRP shows unprecedented technical signals since its historical rise in 2017. According to a chart analysis by JD, a cryptocurrency analyst on X (formerly known as Twitter), it may be on the verge of a major breakout, with the potential for a massive rise followed by a sharp correction.
Related reading: Analyst sets XRP price target at $6.50, and these dates are important
The analyst pointed to the Stochastic Relative Strength Index (SRSI), which surpassed the 80 level, a momentum signal last seen in 2017 before the asset price rose 20 times in three months. JD classified this signal as a "cross-confirmation," warning that the market may enter a phase of extreme volatility.
In 2017, this crossover specifically led to XRP's price rising to over $3, before experiencing a sharp decline of 90% shortly thereafter. Although JD confirmed that the altcoin would not see a 20-fold increase as it did previously due to its higher market capitalization, he still expects a strong rise followed by a sharp 70% decline in price to new lows.
