2023-11-4 10:50 |
Cryptocurrency markets have seen some volatility lately, with Bitcoin enduring a disappointing week while some altcoins like XRP have shown impressive resilience. Cryptonary provided an in-depth analysis on the near-term outlook for XRP, examining key technical factors to determine if the price is likely to push higher or see a potential shakeout.
Cryptonary’s Technical AnalysisAccording to Cryptonary, XRP still looks positive from a technical perspective, having held up well around the $0.60 level despite Bitcoin’s struggles. However, XRP needs to break above horizontal resistance at $0.62 for more meaningful upside. Support appears strong around $0.54-$0.55, which would need to hold to avoid a breakdown.
Cryptonary notes XRP is forming a bullish pennant pattern that suggests upside bias, but this may depend on whether Bitcoin can stabilize. The RSI for XRP recently entered overbought territory for the first time in months, reaching 73, but Cryptonary believes this shouldn’t discourage further gains as long as divergences don’t form.
If Bitcoin holds up, Cryptonary thinks XRP could test the $0.62 resistance. A break above that could open the door for a move towards $0.69. However, the funding rate has come down from very positive levels and open interest is now at multi-month highs, so caution is warranted.
Cryptonary’s TakeawayWhile the short-term setup looks good for XRP, Cryptonary is cautious about chasing gains here given uncertainty around Bitcoin’s next move and impending resistance for XRP around $0.62. The overheated derivatives market is also a potential concern. As such, Cryptonary recommends stepping aside for now and reassessing after Bitcoin shows its hand.
Crypto Rover’s Breakout CallMeanwhile, Crypto Rover believes the breakout for XRP is massive, having already broken out of a triangle pattern 16 weeks ago and retested support around $0.5 before pushing higher. Crypto Rover highlighted a potential target zone around $0.8 based on technical analysis, with XRP currently trading around $0.6. This implies considerable further upside if XRP can maintain its momentum.
Read also:
Crypto Lawyer Explains Why Ripple ‘Is Not Going to Abandon XRP’ Get Rich With This Brand-New Meme Coin That’s Taking the Market by Storm A Weekly Close Above This Channel Top Will Trigger Massive Buys for Dogecoin (DOGE)So while analysts have slightly different takes, the key $0.62 level appears crucial for XRP’s next move. A breakout could signal a new leg higher, but failure to push past resistance could result in a pullback. Traders may want to watch how Bitcoin acts in the short-term before making big bets on XRP at current levels.
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The post What’s Next for Ripple’s XRP? Is Price Headed for Greater Heights or a Dip? appeared first on CaptainAltcoin.
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