The anticipation surrounding the potential approval of the XRP ETF is causing ripples of excitement within the cryptocurrency community as highlighted by Captain Faibik, an analyst. With key support and resistance levels in focus, traders are closely eyeing the dynamics of this digital asset, poised for a potential breakout.
What if the $XRP #XRP ETF is Approved next? 😎 pic.twitter.com/TnbBpICWfK
— Captain Faibik (@CryptoFaibik) May 24, 2024
Support levels serve as critical thresholds, providing floors for price action during market fluctuations. Among these, the rising lower trendline stands prominently, currently hovering near the $0.44 mark. Since mid-2020, this trendline has steadfastly bolstered XRP’s value, underpinning its bullish bias.
Conversely, resistance levels pose formidable barriers to price advancement, requiring breakthroughs to validate bullish sentiment. The descending upper trendline, situated around $0.60, looms large as a significant hurdle. Beyond this lies horizontal resistance at approximately $1.00, reflecting previous peaks in 2021 and early 2022.
Analyzing potential price movements post-ETF approval reveals tantalizing prospects. A breakout above the upper trendline could catalyze a substantial surge, with projections indicating a staggering 263.81% increase from the breakout level. With XRP currently trading around $0.52, such a breakout could propel it towards the $2.20 mark, mirroring the highs witnessed during the bullish fervor of early 2021.
Source: Captain Faibik
Analyst JT observes that the MACD histogram signals waning momentum in XRP’s consolidation phase. However, a potential MACD crossover near zero suggests a trend reversal, echoing anticipation of a breakout from the triangle pattern. Amidst speculation of a significant event before November, the cryptocurrency community awaits potential developments.
$XRP
Love it or hate it, something BIG is going to happen with $XRP before November.
One of the longest running triangles in the crypto market is approaching a date with destiny @ its apex. That apex happens to end in November (white line).
If the MACD can to turn up, Boom💥 pic.twitter.com/3tDaAOIfLj
— JT ✝️ (@JTheretohelp1) May 24, 2024
The symmetrical triangle’s base height, estimated at approximately $1.50, serves as a reference point for potential upside targets. Should XRP successfully breach the resistance trendline, a surge towards $2.00 seems plausible, representing a significant uptick from the current levels.
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