Originally published on: December 09, 2024
XRP, the cryptocurrency sensation, has achieved a remarkable milestone with its highest weekly candle close in years at $2.60. This breakthrough marks the first higher high-top for XRP since January 2018, setting the crypto world abuzz.
Market analysts are raving about XRP’s impressive market structure, with one expert, Peter Brandt, declaring it has “the most powerful chart in all of crypto.” Brandt highlighted XRP’s strong breakout above a multimonth symmetrical triangle pattern on the weekly market cap chart, bringing its value close to its all-time high of $3.40.
The positive sentiment is further supported by independent trader Dom, who emphasizes the importance of flipping the $2.67 resistance level for trend continuation. Dom’s analysis on the 1-hour chart underscores the significance of turning resistance into support for XRP’s continued success.
Despite the optimistic outlook, personal finance educator Rajat Soni offers a contrasting viewpoint, suggesting XRP’s recent price surge may be artificial. Soni’s skepticism raises questions about the sustainability of XRP’s rally and hints at a potential “pump and dump” scenario.
On a technical note, XRP’s 4-hour chart reveals a bullish pattern that aligns with Fibonacci extension levels post-breakout. The chart illustrates a bullish pennant formation that propelled XRP above the critical $2 resistance level, signaling further upward momentum for the cryptocurrency.
With XRP hitting its targeted FIB extension levels and eyeing the possibility of breaking its all-time high at $3.80, investors are eagerly anticipating the next phase of XRP’s growth trajectory. Stay tuned for more updates on this historic rally and what it means for the future of XRP.
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