Is XRP Near? A Major Bullish Structure Shift That Could Send Price Higher
Crypto analyst ChartNerd has indicated that XRP is on the verge of a major rally bullish structural change which may send it to a new high. The analyst also noted that it was key for the altcoin to stay above the $1 psychological level to ensure a move higher.
XRP Eyes Major Bullish Structure Shift
In an X postChartNerd explained why XRP could be positioned for a major bullish structural reversal, noting that the altcoin has experienced six months of decline with almost no relief. He went on to say that indicators such as MACD and RSI have reached historically oversold levels, which are important indicators bullish reversal.
ChartNerd added that XRP is also seeing a 50-month retracement of the 8-year resistance line and Fibonacci retracement. He noted that this marks the first backtest of the 50-EMA since November 2024, and with this, there is a thread marked at 0.618/0.5 Fibonacci trace. These sought-after areas are popular reversal packs, which is another reason a bullish reversal may be on the cards for altcoins.
Meanwhile, the analyst said the main goal now is for XRP to stay above $1 to continue higher. He warned that a drop below this level could lead to a loss of up to $0.70, which would be a worse situation compared to the previous high from 2023 to 2024 that was not reversed.
Crypto analyst TARA warned recently that XRP may drop as low as $0.87 if Bitcoin crashes to $52,200. Crypto analyst CasiTrades also predicted that the altcoin could see the last move down, down to $0.90. However, he also said that a successful recovery of $1.65 could make this decline.
Salespeople Lose Momentum
Crypto analyst BitGuru said that XRP traders seem to be losing momentum. This came as he noted that the altcoin has been in a clear macro downtrend but is now reacting strongly from the major historical demand area around $1.30 to $1.35. The analyst added that after months of rising and lower spreads, the area is serving as a base and that the sharp rejection from the bottom suggests that sellers lose momentum.
Crypto analyst Javon Marks is a given a bullish view of the altcoin in the long term, which means that the altcoin era seems to be near and the token is known to be successful in those times. At this time of the year for the proposed altcoin, you expect XRP to recover again above $2.47 and rallying towards $4.8, marking a new all-time high (ATH). The analyst added that the rally to $15 remains on the cryptocurrency’s radar.
At the time of writing, the price of XRP is trading around $1.37, down from the last 24 hours, according to the report. the data from CoinMarketCap.
Featured image from Pond5, chart from Tradingview.com
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