XRP has ‘most powerful chart in crypto’ after breaking a 7-year price trend
2024.12.09 12:17
XRP (XRP) registered its highest weekly candle close in years at $2.60. It was also its first higher high-top since January 2018, approximately seven years ago.
XRP 1-week chart. Source: Cointelegraph/TradingView
With the altcoin’s monthly chart exhibiting a multimonth breakout above key resistance at $2, one market analyst reserved a positive opinion of the token’s market structure.
XRP’s chart is “the most powerful chart”
In an X post, Peter Brandt, a popular veteran trader, said that XRP currently has “the most powerful chart in all of crypto world.” With the help of the token’s weekly market cap chart, Brandt highlighted XRP’s strong breakout above a multimonth symmetrical triangle pattern, with its value near its all-time high at $3.40.
XRP 1-week chart analysis by Peter Brandt. Source: X.com
Brandt’s comment suggested that the trader expects further upside for the altcoin, as the market structure clearly indicates bullish momentum and strength for the crypto asset.
In a short-term time period, Dom, an independent trader, said that $2.67 is the “most important level to flip” for trend continuation.
XRP 1-hour analysis by Dom. Source: X.com
On the 1-hour chart, the trader explained that tagging $2.60 last week was a positive move, but turning the resistance into support is key for the token. The trader said,
“While it’s a good bounce, we must note ~$2.67 zone is the most important level to flip, anything under is noise.”
However, despite its positive turnaround in November, Rajat Soni, a personal finance educator, has a strong contrasting outlook on XRP. In an X post, the CFA said that XRP’s price rise over the past month “is not natural,” adding that it seemed like a “pump and dump.” Soni added,
“If you can’t see that this is a scam, you deserve to be scammed.”
Related: XRP price to $5 next? 3 charts suggest that the historic rally isn’t over
XRP bullish pennant targets new highs
From a technical perspective, XRP’s 4-hour chart signals a bullish pattern that previously hit the tokens’ Fibonacci extension levels after a positive breakout.
XRP 4-hour chart. Source” Cointelegraph/TradingView
As illustrated in the chart, XRP’s 4-hour chart exhibits a similar bullish pennant from last month, which took XRP’s value above the key resistance level at $2. The current setup also presents the same bullish confluences, where the price demonstrates a retest of the 50-day EMA level alongside a retest of the relative strength index (RSI) around the 50 mark.
Combining the bullish pattern with the above confirmations, XRP hit its targeted FIB extension levels at 1.618 and 2.272. Considering a similar breakout occurs over the next few weeks, XRP may break its all-time high at $3.80, where its immediate target is currently set based on the extension levels.
Related: Why is XRP price down today?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
