Rajarshi Mitra
Independent Analyst
- Analyst “Crypto Credible,” said that XRP is preparing to ignite a massive upward movement.
- Technical analysis shows that XRP/USD is presently undervalued.
XRP/USD daily chart
-637340885933187146.png)
XRP/USD bulls have eked out an advantage for a second straight day as the price went up slightly from $0.2765 to $0.2772. The Elliott Oscillator shows ten straight red sessions. William’s %R is trending in the red zone, which indicates that the asset is presently undervalued.
XRP/USD is presently consolidating in a flag formation and faces strong resistance levels at $0.287, $0.291 (SMA 20) and $0.302. On the downside, there are three healthy support levels at $0.258, $0.2549 (SMA 50) and $0.2448.
A well-known digital asset analyst who goes by “Credible Crypto” has said that XRP is all set to ignite a massive move up. In a recent YouTube video, the analyst noted that the third-largest digital asset had started its bull run.
We’re now at the stage where XRP is about the break that high, so I’m looking for an expansion to the upside and my initial area of resistance is going to be this $0.40 region. Then, we may come down for a correction to retest these highs and then I expect we get our major wave three to start. That major wave three is going to be larger than the major wave one… We’d expect our wave three to travel, at the very minimum, to $0.67. That’s a massive move. That’s double where we are at right now.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.