Analyst Steph Is Crypto has released an updated analysis of XRP's price changes, highlighting key resistance levels and potential breakout scenarios.
XRP Price Action
According to Steph Is Crypto, XRP attempted to break out from a bull flag pattern but failed to sustain it above the critical resistance level of $2.50. This failure led to a downward trend, with XRP currently trading at $2.31. CoinGecko data shows a 5.26% decrease over the last 24 hours, despite a 9.91% increase over the past week. The analyst emphasized the importance of breaking above the $2.50 mark to confirm an upward trajectory and noted strong support between $1.85 and $1.94 in case of a continued pullback.
Indicators of a Potential Breakout
Steph Is Crypto suggested that XRP might still achieve a breakout soon, pointing to tightening Bollinger Bands, which could indicate increased market volatility. Historical data also supports this optimism: a similar squeeze in November resulted in a 500% rally. The analyst predicted that XRP could reach targets between $4.00 to $15.00 based on market dynamics, but cautioned about the uncertainty of timing.
Historical Patterns Post-Election Cycles
Highlighting historical trends, Steph noted that XRP often experiences growth following U.S. elections. They referenced the bull runs of 2017 and 2020, which saw exponential growth. The analyst anticipates a similar surge in the months following the 2024 election cycle, with substantial growth expected in 2025. *"XRP pumps hardest after elections,"* they stated, expressing confidence in the token's potential.
Despite recent setbacks, the analyst remains optimistic about XRP’s future, emphasizing the importance of long-term holding and the token’s intrinsic value. The market situation is critical, and all attention is focused on XRP's next moves.