Experienced market analyst CasiTrades says XRP is heating up after a bullish breakout, with the new target a rally to an all-time high of $4.50.
Notably, she shared in a Wednesday analysis that the XRP consolidation has ended, and momentum is now building up for its next leg up. The analysis comes as XRP reclaims the $3 support after several failed attempts since the start of September.
Bullish Momentum Building for XRP
Notably, CasiTrades shared several indicators that XRP could make a decisive move in the coming days. She identified returning bullish momentum in the crypto market, which prospects of a quantitative easing in the US economy could be spurring.
The relative strength index (RSI) is also building a steady bullish slope, with the indicator currently standing at 54.27. Furthermore, moving averages serve as support, ensuring that prices do not follow below key levels.
Moreover, XRP has held its breakout from a multi-month consolidation within a symmetrical triangle in the daily timeframe. XRP entered the structure after hitting $3.66 in July and made lower highs and lower lows within the tightening pattern.
Following its breakout on September 8, XRP recently reclaimed the $3 mark, setting the stage for higher prices. Failure to do so takes XRP to lower Fibonacci supports at $2.78 and $2.58. Nonetheless, CasiTrades noted that there are clear signs indicating that XRP is quietly building strength.
XRP Breakout Targets and Crucial Levels to Watch
With the breakout, the experienced trader emphasized that once XRP claims $3, the following areas to watch are the 1.618 and 2.618 Fibonacci extensions at $3.08 and $3.27, respectively. Notably, XRP has reclaimed the $3 support at the time of writing, paving the way for the retest of these key levels.
Remarkably, both the $3.08 and $3.27 levels exerted substantial downward pressure on XRP in early and late August, and XRP must trade above these levels to confirm bullish momentum.
Meanwhile, the analyst highlighted that the Fibonacci targets from the larger consolidation remain unchanged. Her accompanying chart indicates that XRP is in the third wave of a five-wave pattern, with the target being a rally to $4.50. Remarkably, the 50% rally from its current price of $3 would mark a new all-time high for XRP.
Interestingly, analyst Dr. Cat shares a similar price target for XRP but insists that the price mark is the worst-case scenario for the token this cycle. Moreover, other projections share a significantly higher price target for XRP, with Armando Pantoja claiming that XRP at $1,000 is inevitable.
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