17 September 2024
XRP is holding strong above a critical price level after weeks of choppy price action, now testing local demand to push higher. Many analysts and investors remain confident about a potential surge in the coming months, with some projecting significant price gains once XRP consolidates above current levels.
One top analyst and former asset manager, Amdtrades, shares this optimistic outlook, predicting a price increase above $1.26 shortly. Despite the confidence, uncertainty lingers across the broader market.
The next few days will be crucial in determining the overall direction of XRP and the crypto market. Analysts believe that how XRP performs during this period could either fuel bullish sentiment or lead to further consolidation. Investors are closely watching these developments, as XRP’s movement could set the tone for market trends in the coming months.
XRP Could Surge To $1.26 In Weeks
XRP has recently demonstrated notable resilience compared to other altcoins. It has held firm above key liquidity areas and signaled a positive outlook for the months ahead. Many analysts and investors are beginning to notice the potential for a substantial price surge shortly.
One prominent crypto analyst, Amdtrades, with nine years of experience as an asset manager and derivatives trader, recently shared his technical analysis on X, highlighting XRP’s strong positioning. In his analysis, Amdtrades showcased a weekly XRP chart that clearly outlines a defined uptrend. This uptrend has been consistently respected by the price, suggesting solid monthly support that could serve as the foundation for further upward momentum in this market cycle.
Amdtrades views XRP as one of the safest investments for those seeking a 100% return on investment (ROI) in the crypto space. He has identified several key price targets for XRP, specifically around $1.18 and $1.26, which he anticipates will be reached in the coming weeks.
According to his analysis, if XRP continues to hold above current levels and successfully clears out local supply near $0.70, an aggressive surge toward these targets is highly likely.
Such a breakout would not only validate XRP’s uptrend but also position the cryptocurrency for even higher price levels as bullish sentiment strengthens. As the market faces uncertainty, XRP remains a strong contender for those looking to capitalize on its strength and potential upside in the near term.
Price Action Details
XRP is currently trading at $0.587 after several days of volatility, following a 19% surge from local lows. The altcoin has struggled to break past this price level, but it remains above a critical support area.
XRP is trading above the 4-hour 200 exponential moving average (EMA) at $0.563, which has acted as a key indicator of short-term strength. This level was tested as support yesterday, confirming XRP’s recent stability despite volatile market conditions.
For bulls to maintain momentum, XRP must break above the $0.60 mark, confirming a higher high and signaling a move toward higher supply levels. Breaking this resistance would suggest the continuation of a bullish trend and potentially lead to a stronger recovery for the altcoin.
On the other hand, if XRP fails to maintain support above the 4H 200 EMA, it could face a deeper correction. A breakdown would likely lead the price to test local demand around the $0.545 level, putting short-term bullish hopes in jeopardy. Maintaining support at current levels is essential for a sustainable rally.
Featured image from Dall-E, chart from TradingView