XRP is eyeing a significant surge beyond the crucial psychological threshold at $0.54, but a strategic move must emerge for the asset to hit its ambitious goals.
Top market analyst JD is optimistic that XRP price can go parabolic if buyers exercise patience in allowing its on-chain momentum to play out.
He highlighted the current XRP movements characterized by a mix of higher highs in price and lower lows in the Relative Strength Index (RSI). This trend suggests a build-up for an ambitious run in the mid-term.
XRP Shows Potential
Per the accompanying chart, XRP is hovering around the $0.54 point that forms a part of a 7-year trendline. Currently, XRP’s potential is best showcased as it bounces off another 2-year trendline, lending optimism to the likelihood of a sustained rally if the price point holds.
Since at least 2018, XRP has touched higher highs, with two of the most visible points at approximately $2.6 in January 2018 and $1.7 in the second quarter of 2021.
While the break above the $0.54 level will help generate momentum in the short term, a proper parabolic “moon” rally may emerge should XRP break above the 6-year trend.
The possibilities for this growth remain high considering the new lease of life XRP now boasts, per its legal wins and regulatory status in the US. JD believes another condition vital for this rally is the Stoch RSI indicator, currently at 8.49 to cross 20.
XRP Dominance Factor
According to the analyst, XRP dominance is battling significant resistance, as showcased by the yellow resistance line in the chart below.
Amid the broad-based momentum in XRP’s price, recording a full 2-month candle close above this yellow resistance line can set up the coin for the run in the coming months. With fundamental and technical indicators pointing to a brewing rally, JD reckons 2024 might be the year for XRP to wake up.
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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