XRP has surged over 22% in just one week, climbing from $2.09 to $2.56. This bullish momentum has reignited investor optimism, suggesting the cryptocurrency may be poised to challenge its previous all-time high of $3.80.

Weekly Performance Snapshot

  • Price Movement: From $2.09 on May 6 to $2.56 on May 12, marking a 22.49% increase.

  • Analyst Insight: Michaël van de Poppe identified a key accumulation zone between $1.5764 and $1.8185. Since XRP surpassed this range, it has rallied nearly 50%.

  • Current Standing: Despite recent gains, XRP remains approximately 32.63% below its all-time high of $3.80, indicating potential for further growth.

Technical Indicators Signaling Bullish Momentum

  • SuperTrend Indicator: Currently positioned below XRP's price, indicating a bullish trend. A similar pattern in late November 2024 led to a significant price surge by mid-January.

  • MACD Analysis:

    • MACD Line: At 0.0697, above the signal line at 0.0348, suggesting upward momentum.

    • Histogram: Increasing green bars confirm buying strength.

  • RSI (Relative Strength Index): At 68, indicating strong momentum without being overbought.

Long-Term Projections: Eyes on $36.76?

  • Analyst Perspective: Dark Defender highlights a significant breakout on the 3-month chart, surpassing a resistance line dating back to early 2018.

  • Elliott Wave Analysis:

    • Current Phase: Wave 3, is typically the most potent in a bullish cycle.

    • Projected Targets:

      • Wave 3: $3.33 to $5.85

      • Wave 5: Potentially reaching $36.76, representing a 1306.25% increase from current levels.

  • Support & Resistance Levels:

    • Support: $2.3620 and $2.2222

    • Resistance: Aligned with Wave 3 and Wave 5 targets.

Analyst Sentiment

Dark Defender emphasizes the bullish nature of XRP, stating, "XRP is extremely Bullish." He notes that previous expectations of a drop to $0.70–$1.00 have shifted, with the market now exhibiting strong upward momentum.

Key Takeaways

  • Current Price: $2.56

  • Short-Term Support: $2.3620 and $2.2222

  • Immediate Resistance: $3.33 to $5.85

  • Long-Term Target: $36.76

Final Thoughts

XRP's recent performance and technical indicators suggest a strong bullish trend, with analysts projecting significant price increases in both the short and long term. However, as with all investments, it's essential to conduct thorough research and consider market volatility.

#XRP #CryptoAnalysis #Ripple

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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.