Altcoins
Last Opportunity to Accumulate XRP in Cents as XRP Prepares for Next Move to $1
A strong momentum rally in XRP breaks through crucial resistances and creates massive green candles to fuel the uptrend to $1. With the golden crossover signaling a bullish trend reversal, here is the last potential chance to buy XRP in cents below $0.65.
In the context of the general market pullback, most of the high-cap altcoins are experiencing huge supply. However, XRP swimming against the bearish wave to rank among the best performers of the last 24 hours.
With a breakout that extends the V-shaped reversal rally, XRP will break above the 52W high to reclaim the psychological $1 mark. Therefore, this analysis provides a closer look at whether this is the last opportunity to buy XRP below $0.65.
XRP Golden Cross Hints at Upside Above $0.65
After the consolidation period below the $0.65 level for a few weeks, XRP has regained its bullish momentum. With an overnight gain of 4.28% coupled with a continuation of 3.10% today, the altcoin is trading at $0.64773.
With the consolidation zone broken, the XRP token is challenging the $0.65 mark with a 160% increase in 24-hour trading volume. According to the Fibonacci retracement on the 2024 correction phase, the altcoin is opposing the 78.60% Fibonacci level.
Moreover, the bullish crossover in the Stochastic RSI generates a massive spike from the oversold zone. Thus, the massive demand and momentum surge are evident in the technical indicator.
Even the bullish influence on the 50D and 200D EMAs results in a bullish crossover known as the Golden Crossover. It marks a sign of a trend reversal in the XRP daily chart and reinforces bullish confidence.
XRP Breakout on Shorter Time Frames
On a shorter 4-hour time frame, the XRP price trend is showing a bullish breakout from a triangle pattern. However, the previous bullish period before the volatility contraction makes it a bull flag.
The breakout rally increases the chances of an uptrend in XRP price as the bull flag is classified as a trend continuation pattern. Moreover, the bullish crossover in the MACD and the signal line supports the continuation of the uptrend.
Will XRP reach $1?
The increasing demand for the XRP token during a market pullback speaks volumes about the upcoming bullish period. Furthermore, multiple breakouts and bullish signals in the daily and shorter time frames support the optimistic view.
According to the Fibonacci levels on the daily chart, the break of $0.65 will weaken the resistance at $0.72. Thus, the chances of XRP rising towards the Fibonacci level of 1.618 at $0.91 will increase.
Optimistically, the momentum from upcoming US federal rate cuts and the broader market recovery could propel XRP towards the psychological $1 mark.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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