XRP bags a false breakdown, triggers a 70% breakout

XRP touched $0.42 to mark a ~50% crash from $0.7. That has been re-defined as a false breakdown, with the community now expecting a surge in the listed value. It could go as high as $1.4 in the times to come. The long-term consolidation is nearing its end. A bull run kicking in will take XRP on a high ride.

The crypto is now up from its crash low, trading above $0.50. There has still been a drop of 5.08% in the last 24 hours. This is further evident in the market cap, with only 24-hour volume, which is a positive sign. The current pattern is said to be replicating the one that was built between August and November last year, that is, 2023.

Whales’ movement in the last two weeks strengthens a thesis betting on the rise of XRP. It is estimated that wallets holding between 10 million and 100 million XRP tokens increased their holdings by 30 million during 14 days. There was also a movement of 600 million tokens. All of this is credited to whales, likely to drive the bull run.

A hundred percent rise will take XRP to the psychological milestone of $1.4, with the assumption that it will eventually break at $0.70. The XRP/USD pair is currently trading at $0.5183, with a dip of 5.02% in the last 24 hours and a surge of 4.91% in the last 7 days. XRP price prediction estimates that the token will end in 2024 at around $2. Prevailing conditions make it safe to conclude that that is an aggressive milestone, and $1.4 is rather a more practical peak for the token.

There have been talks about its native ETF product, but they have not taken off in recent times. Another reason why the said milestone is aggressive is because XRP is away from the $2.16 resistance zone, which it should have achieved until now.

XRP has seen a notable decline in trading volume, demonstrating that it is not precisely everyone’s favorite. Altcoins are certainly the talk of the town, along with meme coins and AI tokens. However, Ether largely leads altcoins, and meme coins are just beginning to experience a fresh outlook. The convergence of AI and blockchain continues to inspire AI tokens.

Notable analysts have laid down their predictions, estimating a potential bull run for XRP. A tentative timeline was not drawn due to volatility, but it could soon showcase an entry into the phase. The early resistance level is at $0.600, followed by $0.700. The support will then be tested for $1.

XRP could be ready for a 70% breakout as long-term consolidation nears its end. It remains too soon to draw a specific roadmap.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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