XRP resilience amidst challenges sparks hope for a parabolic breakout as it nears significant resistance, igniting excitement in the community.
XRP has displayed remarkable resilience amid the market-wide turbulence. Despite Ripple’s legal battle with the SEC, XRP has shown consistent performance, with experts predicting a potential parabolic breakout as it approaches a significant resistance level.
Leading experts in the crypto space, such as CryptoBull and MichaelXBT, anticipate a parabolic pump for XRP once it successfully surpasses the resistance. While the precise price targets remain undisclosed, the significance of this potential shift cannot be overstated.
In a tweet shared by Michael XBT, a renowned analyst, he underscored the importance of the current resistance level for XRP.
When $XRP hits the Major Resistance again.. it should break it https://t.co/5wDt8fULoq
— Crypto Michael (@MichaelXBT) June 22, 2023
This level has held strong for over a year, creating a formidable barrier for the digital asset. However, MichaelXBT’s analysis and growing market sentiment suggest that XRP is poised for a breakthrough.
Moreover, MoreCryptoOnline, a crypto analytical resource, recently identified vital resistance levels for XRP, explicitly highlighting the crucial range between $0.4973 and $0.5472. A successful breakthrough in this range would signify that XRP is already in Wave 3, a promising indication that it may be bottoming out.
$XRP: price is now moving into resistance between $0.49 and $0.547. This is standard fibonacci resistance for circle wave 2. A sustained break above this level would indicate that XRP formed a more substantial low already and is already in a breakout in wave 3.#Ripple #XRP pic.twitter.com/uZV9ZwEsOJ
— Morecryptoonline (@Morecryptoonl) May 29, 2023
In addition, prominent chartist Egrag highlighted that XRP’s current price movements could mirror the direction observed from 2014 to 2018 or the price actions witnessed from 2020 to 2021. Egrag sees a surge to $3.3 or $250 depending on the asset’s trajectory.
XRP Price Analysis
The XRP market has encountered a slight setback as its bullish momentum has slowed in the past 24 hours. After a failed attempt to surpass the intraday resistance of $0.4956, selling pressure intensified, causing a decline to a 24-hour low of $0.4826. The XRP market was bearish at publication, resulting in a 1.95% drop to $4809.
XRP/USD 24-hour Chart (Source: TradingView)
The trading volume climbed by 9.38% to $765.8 million, while XRP’s market cap decreased by 1.38% to $25.3 billion. This significant rise in trade volume suggests the presence of continued robust trading activity in the XRP market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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