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XRP is currently testing a crucial resistance level that will shape the price action in the coming weeks. After the euphoria surrounding the Federal Reserve’s interest rate cuts in late September, the market is experiencing uncertainty and anxiety. While some investors remain optimistic, recent XRP price movements have led to a sense of caution.
Senior cryptocurrency analyst Amonyx shared his insights on the potential for an unexpected XRP rally. He notes in his analysis that the altcoin may surprise skeptics with gains exceeding 1,000%. According to Amonyx, this resistance level could serve as a trigger point for XRP if the price breaks above it.
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With significant market volatility, investors are closely monitoring XRP’s ability to stay above key price points. The anticipation surrounding XRP’s future has created a mix of hope and skepticism as traders weigh the possibility of a breakout against the risks of a further decline.
As XRP continues to navigate this critical juncture, all eyes will be on its performance to determine the next steps for this altcoin.
XRP analyst sets optimistic targets
XRP is at a turning point as analysts wait for a signal that could push its price higher amid market uncertainty.
Amonyx senior analyst and investor recently shared A Convincing technical analysis on Xand offers an optimistic outlook for the future of XRP. His analysis includes a chart showing a potential bullish pennant pattern that has been forming since June 2018. This pattern indicates a buildup of buying pressure, suggesting that XRP may be poised for a breakout.
If XRP succeeds in breaking the resistance set by this bullish pattern, Amonyx expects a significant price rise, likely targeting levels up to $70 and even $500. While these forecasts are ambitious, they underscore the inherent volatility of the market and the potential for significant price shifts.
Amonyx points to a crucial factor affecting market sentiment: many investors believe that XRP is unlikely to rise again. These prevailing uncertainties may pave the way for a significant upward movement, as market psychology often plays a crucial role in price dynamics.
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In the coming weeks, all eyes will be on XRP as traders evaluate whether this expected breakout will materialize, which could change the narrative for the altcoin and its investors.
Technical analysis
XRP is currently trading at $0.53, having recently lost both the 1D 200 moving average (MA) and the 200 exponential moving average (EMA). The price is struggling to close above the moving average, which is $0.54. For the bulls to regain momentum, XRP must cross these levels to retest the local highs around $0.66.
However, if the price fails to secure a close above the MA and EMA, a deeper correction could be near. Analysts are closely monitoring this critical juncture, as a breakdown below $0.53 could trigger further declines, likely targeting support levels around $0.48 or lower.
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As traders await confirmation of a bullish reversal or bearish continuation, XRP price action will be pivotal in shaping market sentiment in the coming days.
Featured image by Dall-E, chart from TradingView
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