A high momentum rally in XRP breaks above crucial resistances and makes massive green candles to fuel the uptrend to $1. With the golden crossover sirening a bullish trend reversal, here’s the last potential chance to buy XRP in cents under $0.65.
Amid the broader market pullback, most of the altcoins with large market caps are witnessing a huge supply coming. However, XRP swims against the bearish wave to rank amongst the top performers in the last 24 hours.
With a breakout run extending the V-shaped reversal rally, XRP will cross above the 52W high to reclaim the $1 psychological landmark. Consequently, this analysis provides a closer look to ascertain if this is the last opportunity to buy XRP at under $0.65.
Golden Cross in XRP Hints Bull Run Above $0.65
Following the consolidation patch under the $0.65 level for a couple of weeks, XRP has regained bullish momentum. With an overnight surge of 4.28% coupled with the 3.10% continuation today, the altcoin trades at $0.64773.
With the consolidation range breakout, the XRP token challenges the $0.65 mark with a 160% surge in 24-hour trading volume. According to the Fibonacci retracement over the 2024 correction phase, the altcoin opposes the 78.60% Fibonacci level.
Further, the bullish crossover in the Stochastic RSI generates a massive spike from the oversold zone. Thus, the massive demand and momentum surge is evident in the technical indicator.
Even the bullish influence over the 50D and 200D EMAs results in a bullish crossover known as the Golden Crossover. It marks a trend reversal sigil in the XRP daily chart and bolsters the bullish confidence.
XRP Breakout Run on Smaller Timeframes
On a smaller timeframe of 4H, the XRP price trend shows a bullish breakout of a triangle pattern. However, the prior bull run before the volatility contraction makes it a bullish flag.
The breakout rally increases the chances of an uptrend in the XRP price, as the bullish flag is categorized as a trend-continuation pattern. Further, the bullish crossover in the MACD and signal line supports the uptrend continuation.
Will XRP Hit $1?
The rising demand for the XRP token during a market pullback speaks volumes about the upcoming bull run. In addition, the multiple breakouts and the bullish signals in the daily and smaller timeframes support the optimistic viewpoint.
According to the Fibonacci levels in the daily chart, the $0.65 break will weaken the $0.72 resistance. Thus, the chances of a bull run in XRP to the 1.618 Fibonacci level at $0.91 will increase.
Optimistically, a push from the upcoming Federal rate cuts in the U.S. and the broader market recovery could propel XRP to reclaim the $1 psychological landmark.
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.
