Experienced market analyst CasiTrades says XRP is heating up after a bullish breakout, with the new target a rally to an all-time high of $4.50.
In a recent analysis shared on Wednesday, CasiTrades highlighted that the consolidation period for XRP has come to an end, and momentum is now favoring its next upward movement. This comes just as XRP successfully reclaimed the $3 support level, overcoming several attempts that had faltered since the start of September.
Bullish Momentum Building for XRP
CasiTrades presented various indicators suggesting that XRP is poised for a significant price increase in the upcoming days. Notably, she pointed out the returning bullish momentum within the broader cryptocurrency market. This resurgence is believed to be correlated with expectations for quantitative easing in the U.S. economy, which often boosts investor sentiment.
The relative strength index (RSI) currently sits at 54.27, showcasing a gradually rising bullish slope. Moreover, key moving averages provide support, helping to stabilize prices above critical levels. XRP has managed to hold a breakout from a prolonged consolidation period within a symmetrical triangle pattern on its daily chart. This structure formed after XRP reached $3.66 in July and subsequently created a series of lower highs and lower lows.
Following its breakout on September 8, XRP successfully reclaimed the $3 mark. This sets the stage for potential higher prices, as failing to maintain this level could lead to Fibonacci support levels at $2.78 and $2.58. Nevertheless, CasiTrades emphasized clear signals that indicate XRP is quietly gathering strength.
XRP Breakout Targets and Crucial Levels to Watch
According to the analyst, the successful reclaiming of the $3 mark signals the next targets to watch: the 1.618 and 2.618 Fibonacci extensions, located at $3.08 and $3.27, respectively. As of now, XRP has not only reclaimed the $3 support but is also preparing for a retest of these crucial resistance levels.
Interestingly, both the $3.08 and $3.27 levels put significant downward pressure on XRP in late August, suggesting that XRP needs to trade above these price points to validate bullish momentum going forward. The analyst noted that Fibonacci targets from the larger consolidation pattern remain consistent as well. Her accompanying chart indicates that XRP is currently in the third wave of a five-wave pattern, pointing toward a rally targeting $4.50. This price level would mark a new all-time high for XRP if it achieves a 50% increase from its current value of $3.
Additionally, Analyst Dr. Cat shares a similar price target for XRP, reinforcing that this level represents the worst-case scenario for this token cycle. Other analysts suggest even more optimistic price projections. For instance, Armando Pantoja has expressed a view that XRP reaching $1,000 is inevitable, but not in the immediate future.
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