An analysis by market analyst The Great Mattsby (TGM) discusses the growing bullish momentum around XRP, particularly through the Ichimoku Cloud.
On the weekly chart, XRP has been testing a significant resistance level since mid-July 2024. The price action suggests that XRP is battling to stay above the 200-week moving average, currently sitting around $0.6176. This moving average is a crucial level as it often acts as a dividing line between bearish and bullish market phases.
TGM revealed that XRP has repeatedly tested this resistance zone, indicating persistent selling pressure. Despite these challenges, XRP has managed to hold its ground above this key level, hinting at a potential bullish reversal if it can maintain its upward trajectory.
The analyst emphasized that a decisive breakout above the $0.65 to $0.68 range could signal a shift in momentum, pushing XRP to flip the 200-week moving average from resistance to support.
Once it breaches this level, XRP could aim for the next major target, which is nearly $0.90. This target aligns with the blue trendline identified on the chart, representing a significant price milestone that XRP could reach if bullish momentum continues to build.
XRP Ichimoku Cloud
According to TGM, XRP has been pressing against the top of its Ichimoku Cloud, indicating that while it hasn’t broken out yet, the potential for a bullish move is increasing. The cloud is thinning out and is on the verge of flipping green, which typically signals a trend reversal from bearish to bullish.
This thinning cloud suggests that the resistance is weakening, and as long as XRP’s price continues to rise, it could eventually break through this barrier. If XRP manages to close above the Ichimoku Cloud, it would be a strong indicator of a trend reversal, potentially leading to a significant rally.
XRP Monthly Chart
On the monthly chart, TGM noted that XRP’s price action is consolidating near a crucial resistance zone defined by a long-standing arc pattern. This arc has served as a formidable resistance level for several years, but XRP is now edging closer to breaking through.
A positive development on the monthly chart is the solid support provided by the 100-month moving average, which has held firm since June 2022. Despite brief dips below this level, XRP has consistently bounced back.
Additionally, the 50-month moving average, which had previously acted as resistance, has now turned into support. TGM also highlighted the importance of the 1.618 Fibonacci retracement level, located around $0.41, which has been a critical support level in recent months.
A breakout above this arc and a sustained move higher could propel XRP to significant new highs. The analyst identifies potential targets at the 2.272 and 2.618 Fibonacci extensions, which could see XRP reaching $9 and potentially as high as $29 in the longer term.
XRP Targets to Watch
In the near term, the key levels to watch for XRP are $0.624 and $0.90. Breaking above these levels could pave the way for a test of the psychological $1 mark, followed by a potential move to $3.
The Ichimoku Cloud’s resistance near $0.624 is the immediate hurdle, but once this is cleared, the path toward higher targets could open up.
Currently, XRP is trading at $0.5983, down 3.94% this month after a strong 31% gain in July 2024. This consolidation phase may be setting the stage for a significant breakout if bullish momentum continues to build.
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Source: https://thecryptobasic.com/2024/08/30/xrp-ichimoku-cloud-signals-massive-breakout-here-are-targets-to-watch/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-ichimoku-cloud-signals-massive-breakout-here-are-targets-to-watch