XRP is showing strong bullish signals, especially on the weekly chart where the main trend remains positive and the potential for a breakout is high.
XRP is characterized by rapid and strong price fluctuations, currently in a bullish phase as it has just surpassed the critical resistance level of 3 USD, paving the way for higher price targets around 4.6 to 4.7 USD according to Fibonacci.
MAIN CONTENT
XRP maintains an upward trend on the weekly chart, with strong support in the range of 3 to 3.4 USD.
Breaking through the 3 USD resistance zone signals the potential to reach new all-time highs.
The decrease in Bitcoin's dominance creates conditions for capital to flow into XRP and other altcoins, promoting growth.
What is XRP's current upward trend like?
Analysts show that XRP currently maintains a bullish signal on the weekly chart, with price structure indicating the potential for continued breakout. Although there is a warning of a bearish divergence, it has not yet been confirmed, affirming that the upward trend remains dominant.
Data from the weekly chart and historical price behavior show that XRP often experiences rapid and strong price fluctuations. This time is no exception, similar to previous volatility cycles.
XRP has just broken through the resistance zone of 3 USD, indicating the overwhelming strength of buyers and the price's potential to target the Fibonacci 2.618 area around 4.6-4.7 USD.
Analysis from cryptocurrency experts, June 2024
What important support levels protect XRP's upward trend?
XRP has established solid support levels, with the 3 USD level serving as a foundation, along with short-term support in the 3.3 – 3.4 USD range. These areas were previously resistance but have turned into solid price anchors after breaking and retesting.
Data on the daily chart confirms the recovery from the support zone of 3.3-3.4 USD, indicating that buyers still control the market well. This is a positive sign reinforcing confidence in the continued upward trend.
XRP's continued maintenance of support after the breakout indicates that investors remain optimistic, building a foundation to move towards higher price levels.
Statement from a cryptocurrency market analyst, 2024
How does the decreasing dominance of Bitcoin affect XRP?
Bitcoin is gradually losing market share in the total cryptocurrency market capitalization, allowing altcoins like XRP and Ethereum to absorb new investment flows. This shift promotes XRP's potential for superior growth.
According to a report from a major cryptocurrency research firm in June 2024, a 2% decrease in Bitcoin's dominance contributed to the notable price rise of altcoins and significantly increased liquidity in this segment.
What are the conclusions about XRP's prospects in the short and long term?
XRP is moving according to the expected bullish pattern, having just broken through the 3.4 USD level and is now stabilizing above this level. As long as the price holds above this area, the upward trend remains strong.
However, investors should pay attention to the important support level of 2.75 USD. If XRP falls below this threshold, the upward trend may be threatened, indicating significant weakness and necessitating close monitoring.
Frequently Asked Questions
Is XRP in a long-term upward trend?
Based on the weekly chart and technical signals, XRP is maintaining a long-term upward trend with solid support at 3 USD, according to expert analysis in June 2024.
What important price levels should be monitored to track XRP's trend?
Key support levels are 3 USD and 3.3 – 3.4 USD, along with a risk warning level at 2.75 USD to help investors assess market momentum.
How does Bitcoin's dominance affect XRP?
The decrease in Bitcoin's dominance often helps capital shift to XRP, creating strong momentum for this altcoin, as evidenced by the 2024 market analysis report.
What is the next price target for XRP?
Based on Fibonacci extension, XRP's next target is in the range of 4.6 to 4.7 USD if the upward trend is maintained.
Source: https://tintucbitcoin.com/du-bao-gia-xrp-ngay-21-7/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news on the cryptocurrency market and not miss any important information!
