XRP Poised for Significant Gains Against USD and Bitcoin in 2024, Predicts Amonyx Analysis

  • XRP, one of the top cryptocurrencies by market capitalization, is setting the stage for potential significant gains despite its recent downfall.
  • New technical analysis from Amonyx points towards a bullish trend for XRP against the US dollar and Bitcoin throughout 2024.
  • Key technical indicators and historical price actions are lining up, indicating that XRP might soon see substantial price increases.

Discover why XRP could be primed for a significant bullish run in 2024, based on expert technical analysis and market trends.

Technical Forecast: XRP Path In 2024

According to Amonyx’s technical analysis, examining XRP’s long-term price trends reveals consistent behavior within an ascending channel that has been in place since 2014. This channel’s upper and lower trendlines provide essential boundaries for the XRP/USD pair.

Crucial Fibonacci retracement levels, identified at 0.618, 0.786, 1.618, and 2.618, serve as potential areas of resistance and support. These zones are pivotal for determining where price reversals or consolidations might occur.

The analysis suggests a bullish move toward the 2.618 Fibonacci level by 2024. This projection implies a significant increase in XRP’s value, presenting remarkable trading opportunities at the upper trendline or ‘flip zone.’

The examination of the XRP/BTC chart reveals a descending trendline stemming from 2014. This trendline has historically served as resistance, with the price approaching another test of this boundary. Observations of bullish and bearish divergences on momentum indicators, such as the Relative Strength Index (RSI), indicate possible price movements.

Similar to the USD pair, the analysis on the XRP/BTC chart foresees a bullish trajectory toward the 1.618 Fibonacci level, reinforcing the bullish outlook noted in the XRP/USD analysis.

Current Market Position and Outlook

XRP is currently trading at $0.49, recovering slightly by 1% after experiencing a near 10% decline over the past two weeks. This uptick could signify the beginning of the anticipated bullish trend.

CryptoQuant’s insights indicate an increase in Open Interest (OI) for XRP, which can be attributed to recent regulatory developments involving the SEC. The rise in OI reflects growing trader interest, aligning with the projected price increase.

Santiment’s analysis places XRP in a mildly bullish category, with a 30-day Market Value to Realized Value (MVRV) ratio of -3.5%. This MVRV ratio suggests a potential short-term price bounce, further supporting the bullish sentiment.

🐂 The lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce:

Bitcoin: -4.0% (Mild Bullish)
Ethereum: -4.3% (Mild Bullish)
XRP: -3.5% (Mild Bullish)
Dogecoin: -16.7% (Very Bullish)
Toncoin: -0.6% (Neutral)
Cardano: -12.6% (Very Bullish)

— Santiment (@santimentfeed) June 19, 2024

Conclusion

In summary, although XRP has faced recent price challenges, a confluence of technical indicators and market interest positions it for potential substantial growth. Investors should watch for significant price movements near key Fibonacci levels and stay informed on developments related to regulatory news.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

WazirX Faces Multi-Million Dollar Security Breach Linked to North Korean Lazarus Group

The Indian crypto exchange WazirX recently disclosed a...

Vitalik Buterin Urges Broader Values Over Pro-Crypto Political Support

Ethereum co-founder Vitalik Buterin has urged not...

BitTrade Strengthens Bitcoin Scalability as New exSat Data Validator Node

Bitcoin scalability solution exSat partners with BitTrade,...

US Targets $2.5 Million in Bitcoin from International ‘Pig Butchering’ Crypto Scam

United States authorities have initiated...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Dogwifhat (WIF) Defies Market Trend with 10.62% Surge as Bitcoin Faces Decline

On July 17, the cryptocurrency market saw considerable volatility, with Bitcoin peaking at $66,000 before dropping to $63,200. ...

WazirX Faces Multi-Million Dollar Security Breach Linked to North Korean Lazarus Group

The Indian crypto exchange WazirX recently disclosed a significant security breach involving one of their multi-signature wallets. As a result of the breach,...

Vitalik Buterin Urges Broader Values Over Pro-Crypto Political Support

Ethereum co-founder Vitalik Buterin has urged not to hinge political support exclusively on a politician’s pro-crypto stance. He emphasized the significance...