According to a popular analyst on X @ali_charts, there seems to be a bullish outlook for XRP. The analyst highlighted the fact that the token was going through a consolidation phase within a bull flag pattern. After a steady range-bound period, the token now will hover around key resistance point, if the token manages to break this resistance point, price surge is imminent.
$XRP has been consolidating in this bull flag for a while, but once it clears the $2.60 resistance, I think it’s off to the races, heading toward $4!
You still have time to prepare for this trade. Go to @SimpleFXcom, claim the $5,000 deposit bonus, and trade it. Sign up here:… https://t.co/ZFFk6Q0vCj pic.twitter.com/AotkvkddHv
— Ali (@ali_charts) December 17, 2024
Key Resistance and Price Targets
As illustrated in the chart, XRP shows bullish climb till the $2.60 mark but at this mark, the token according to the analyst will experience a significant resistance. If this resistance is somehow cleared, the analyst believes that the XRP token could again gain momentum and will rapidly climb towards the $4 price level.
Technical Analysis and Market Sentiment
According to the charts, there is a possibility of a strong upward movement leading into a bull flag followed by a period of consolidation between key Fibonacci levels. With support near $2.24 and resistance at $2.60, traders will have an eye for the breakout. Above $2.60 mark, Fibonacci extensions suggest potential targets at $2.94, $3.63 and ultimately $4.25.
With the recent development, which includes launch of RLUSD today, and the recent whale activity where a collective of approximately $458 million worth XRP tokens have been transferred, has sparked optimism within the market. All of these developments also indicate that the price of the token will surge in the coming days.
At press time, the price of the XRP token stands at $2.69 with a surge of 13.1% in the last 24 hours.
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Source: https://www.cryptonewsz.com/xrp-bullish-breakout-analyst-predict-4-target/