- XRP could see a 2,100% rise, targeting $15-$18 if a bullish breakout occurs, despite current bearish indicators.
- Analyst JavonTM1 highlights possible full logarithmic follow-throughs for XRP, potentially pushing its price beyond $100.
- XRP’s daily price action shows volatility, shifting from bearish to bullish sentiment, with key support at $0.4752 and resistance at $0.51.
Crypto analyst JavonTM1 has recently highlighted the potential for a bullish breakout in XRP, despite its current volatility. According to his analysis, XRP’s price action and Relative Strength Index (RSI) reveal patterns that may indicate an upcoming bullish movement.
This comes after XRP experienced a temporary breakout, which appears to have been unsuccessful. However, there are still bullish divergences present that suggest a major price surge could be imminent.
XRP Price Movement and Indicators
XRP’s current price is $0.5125, with a weekly high of $0.5258 and a low of $0.4324. This week, the price has decreased by approximately 2.08%, reflected in the red weekly candlestick, which signals a bearish trend.
Source: TradingView
The RSI, currently at 47.57, is slightly below the 50 mark, indicating a lean towards bearish sentiment. Additionally, the Moving Average Convergence Divergence (MACD) line at 0.0052 is below the signal line, further supporting a bearish outlook.
Potential Breakout and Target Levels
Despite the bearish indicators, JavonTM1 suggests that a successful bullish breakout could lead to XRP targeting levels between $15 and $18, marking a potential 2,100% increase. Notably, he emphasizes that XRP has previously demonstrated full logarithmic scale follow-throughs, which could indicate even higher price levels.
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If XRP were to break out and follow through, its price could exceed $100, representing a more than 20x increase. This potential highlights the unpredictability and high stakes in the cryptocurrency market.
Daily Price Fluctuations and Market Sentiment
On the daily chart from CoinMarketCap, XRP’s price action shows notable fluctuations. Starting with a morning decline to around $0.4752, the price later recovered in the afternoon, reaching approximately $0.51.
Source: CoinMarketCap
By evening, the price stabilized around $0.50, demonstrating a shift from bearish to bullish sentiment throughout the day. The daily chart reflects the ongoing struggle between buying and selling, with the current support level around $0.4752 and resistance near $0.51, indicating a precarious balance in market sentiment.
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