XRPs Bullish Surge: Will $4.68 Be the Next Milestone?
- XRP targets $3.65 and $4.68 as technical signals point to continued growth after recent surge.
- Bullish momentum for XRP as breakout at 0.382 Fibonacci retracement signals potential for higher prices.
- Despite short-term risks, XRPs long-term outlook remains strong with positive regulation and market growth ahead.
XRP price has lately surged and attracted the attention of traders, and analysts are expecting more significant gains in the coming period. In a recent X post, Alan Santana has submitted a note with the focus on the bullish wave that should help propel XRP higher. After some consolidation, XRP is now ready to break higher, and technical signals are pointing towards a large move.
In the analysis, the price behavior of XRP in the recent past was very impressive and the asset appears well positioned to strengthen further. The $3 mark which was reached briefly on the 3rd December is considered as a major level. Though this level has been previously tested, and now token is aiming for higher levels, with $3.65 and $4.68 being the next levels to watch for. The chart indicators are positive, although there is a minor pullback which is actually a sign of strength and high volume backs the upward trend.
XRP Breaks Key Fibonacci Level
The technical indicators are the breakout of the 0.382 Fibonacci retracement level that has in the past signalled the start of a new bull run. This is normal correction for an impulse wave, which means that the price is likely to continue growing. Santana expects that cryptocurrency will meet some selling pressure at the $3 level but expects that it will break through with some volume for the next leg up.
The market is so unpredictable and there is high possibility of a short term reversal of the trend. However, analyst notes that its not too late to join the trend but for traders, they should be wary of their exits because the risk is high when a bullish trend has been initiated. As of writing, Ripple token is trading at $2.44, up by 5.44% over the past day.
Source: TradingView
Positive Regulation Boosts XRP
For the longer term, Santana sees XRP in a continued uptrend supported by positive regulation and expanded use of the cryptocurrency. The market is changing, and you have things like the Trump effect and Spot ETFs for XRP which are expected to boost the market even more. Specifically, Santana commented that it may take another two to three years before this bull run comes to a close, and this could be an entirely new phase for cryptocurrency and other cryptocurrencies.
At the moment, traders and investors will be focusing on trying to establish the next big move and will be ready for any pullbacks that occur on the way. Ripple token is now in a good position and has a lot of room to grow in the next several months.
Read more: https://www.tronweekly.com/xrps-bullish-surge-will-4-68-be-the-next/
Text source: TronWeekly
