XRP monthly chart flashes notable bullish sign. Analysts highlight several bullish patterns for the Ripple native altcoin. Bullish momentum could open a path to a $7 ATH record. The crypto co
The crypto community has collectively disheartened to see prices across the market fall to lower targets in an unexpected move caused by the recent Binance hack. Yet, despite the dips, traders can't help but be impressed by how little prices dipped across the market. Presently, analysts continue to find bullish signals. For instance, XRP monthly chart flashes notable bullish signs as analysts find several bullish patterns for XRP.
One popular crypto analyst highlights how XRP is moving within a descending channel, and its current price action has reached the ideal target zone for ‘Wave C’ of the corrective phase that began with the August highs. This could signal that a correction, which has persisted for months, is nearing its end. If a bottom is confirmed, she expects XRP to gradually reverse its downtrend and initiate a new leg upward.
Thus, she reveals her projected price path: $1.20, to $1.40, and $1.55 to $1.80, until finally, $2.20 Once there is a decisive breakout from the descending channel, upward momentum could accelerate rapidly. She is now focusing more on the next expansion phase following the correction, rather than on immediate, short-term fluctuations. She advises to be patient and wait for reversal signals as opportunities often emerge when market confidence is at its lowest.
https://twitter.com/Carolinatcwnl/status/2116992769394905169The same analyst also reminds traders to not let short-term fluctuations shake the confidence of their XRP position. Looking at the chart structure shared in the post above, the analyst marks how XRP is forming higher lows and repeatedly testing the horizontal resistance level above. With support levels gradually shifting upward, the price may be gearing up for a significant directional breakout.
If the price breaks through the horizontal resistance on high volume and successfully flips it into support, it could open the door for further gains. However, until the breakout is confirmed, she says to remain cautious of potential ‘fakeouts’ and pullbacks and avoid making impulsive decisions driven by short-term panic, and never neglect risk management. Finally she says that the monthly chart for XRP is flashing a noticeable signal.
https://twitter.com/Carolinatcwnl/status/2117034016708927893As we can see from the post above, the expert says that over the past 13 years, XRP’s monthly RSI has entered the oversold zone several times, and each of these extreme lows has coincided with significant long-term cyclical turning points. Currently, the monthly RSI is once again approaching historically oversold levels. From a long-term structural perspective, XRP remains within a macro-scale upward channel.
So, if the current zone marks the bottom of a new cycle, a more substantial trend expansion could be on the horizon. However, reaching higher targets will require breaking through long-term resistance levels, supported by an increase in trading volume and an influx of market capital. The targets that could open a path to include $7 and $14 ATH records for Ripple’s XRP.
