Ripple’s XRP has just surpassed the $3 mark for the first time in several years, opening up opportunities for significant future growth.
Many experts see positive signals from price behavior and technical patterns, suggesting that XRP is preparing for a new breakout, especially as the weakening USD index supports this trend.
MAIN CONTENT
XRP breaks long-term resistance and forms a pattern preparing for further increases.
Experts and analysts forecast that XRP could reach $6 or higher.
The strong increase in trading volume along with the breakdown of short positions confirms high demand in the market.
Is XRP showing clear signs of a breakout ahead?
According to Versan Aljarrah, co-founder of Black Swan Capitalist, the correlation between XRP and the US Dollar Index (DXY) is a driving factor behind the current price surge. When DXY declines sharply, XRP tends to rally quickly, a pattern observed in 2018, 2021, and most recently in late 2023, leading to multi-year record high prices.
XRP has just recorded a breakthrough past a multi-year resistance trend. Currently, the price is consolidating in a small triangle pattern, a classic signal indicating the next large price movement. If history repeats itself, XRP could initiate a strong bullish wave in the near future.
Ripple’s XRP breaks through multiple long-term technical resistance levels, indicating potential strength in a rapidly changing global economic context.
Versan Aljarrah, Co-founder of Black Swan Capitalist, 03/2024
Are analysts forecasting XRP to reach $6 or higher?
Experts like Ali Martinez suggest that XRP could reach $6 as both technical indicators and market trends support this upward momentum. CasiTrades also emphasizes that Fibonacci levels are laying the groundwork for a sustainable breakout.
Furthermore, the positive wave surrounding the potential launch of the XRP ETF and favorable developments in the Ripple-SEC lawsuit reinforces investor confidence in the stability and growth potential of this cryptocurrency.
What does the current trading volume reflect about market demand?
In the past 24 hours, XRP trading volume has increased to $11.5 billion, reflecting strong buying power. Short positions have suffered severe losses with over $360 million liquidated in the overall market, indicating that bulls are overwhelmingly in control.
The daily chart reveals a bullish trend of up to 38% in the short term, corresponding to a target of around $3.77. With liquidity concentrated around the $3.40 level, many traders believe a breakout could trigger a further strong price increase.
The liquidation of hundreds of millions of USD in short positions demonstrates the strength of the buyers and the control of the bullish trend in the XRP market.
Market Analysis, 04/2024
Frequently Asked Questions
What key level has XRP just surpassed in the new price surge?
XRP has just broken through long-term resistance and is in the process of accumulating in a triangle pattern preparing for the next breakout, according to many market experts.
How does the USD Index (DXY) affect the price of XRP?
When DXY declines sharply, XRP tends to increase in price due to the negative correlation, a factor consistently recorded in previous cycles.
What price do experts forecast for XRP?
Many analyses and forecasts suggest that XRP could reach $6 or higher due to technical factors and positive news from the DeFi market.
What does the high trading volume mean for the price of XRP?
The strong increase in volume, along with the liquidation of large short positions, is a strong indicator of significant buying demand and confirms that the bulls are in control.
What factors reinforce investor confidence in XRP?
Optimism in the Ripple-SEC lawsuit and the outlook for the XRP ETF launch have helped enhance stability and long-term price growth expectations.
Source: https://tintucbitcoin.com/xrp-320-usd-breakout-an-sap-toi/
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