Crypto analyst Arthur recently tweeted about a potential breakout for XRP on the daily timeframe, underscoring the importance of candle closure for confirmation.
Technical Analysis
Arthur described the technical setup as clear, noting that XRP’s recent candlestick movements placed the price above the established descending trendline. The attached chart shows a series of lower highs that kept the price contained since July's peak, followed by the breakout attempt.
Macro and Fundamental Factors
In his tweet, Arthur linked the potential breakout with broader factors, pointing out that an expected cut by the Federal Reserve could favor risk assets like cryptocurrencies. He also mentioned upcoming ETF deadlines in October, suggesting these events could influence market momentum.
Identified Price Levels
Arthur shared specific price levels he was monitoring, noting a first target range of $3.40 to $3.50 if the breakout sustained, and indicated that XRP could potentially move above $4.00 if momentum continues.
It is essential to note that breakouts above long-standing resistance lines often require confirmation through candle closures and consistent volume. While Arthur emphasized the alignment of technical, macro, and fundamental factors, the outcome remains dependent on sustained buying pressure.
