On November 18, 2024, veteran trader and technical analyst Peter Brandt made a bold prediction for XRP, the native token of Ripple. In a post on X (formerly Twitter), Brandt noted that with a recent price surge, XRP had breached its 2023 high and was now heading toward its all-time high from 2021.
He further noted that if the altcoin breaches its 2021 high, the XRP price could surge significantly. The asset has already soared more than 125% since the pro-crypto Donald Trump was elected president of the United States.
This bullish prediction by industry experts is making waves in the cryptocurrency realm and has gained significant attention from XRP holders.
Many traders and investors might be curious about why the XRP price could skyrocket if it breaches its 2021 high.
The potential reasons for this positive outlook include a bullish price action pattern, heightened interest from traders and investors, significant accumulation by whales and institutions, the current bullish market sentiment, the potential resignation of SEC Chair Gary Gensler, and speculation about an XRP Exchange Traded Fund (ETF) in the United States.
According to expert technical analysis, XRP has recently broken out from a strong resistance level of $0.95 and has been consolidating in a tight range for the past 48 hours.
Based on the recent price action, if the altcoin breaches the upper level of the consolidation zone and closes a daily candle above the $1.2 level, there is a strong possibility it could soar by 18% to reach the $1.45 level. However, if the price sustains above the $1.50 level, XRP holders could soon witness it reaching the $1.95 level in the coming days.
As of now, XRP is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests a potential price correction or decline in the coming days, as XRP’s RSI is in overbought territory.
At press time, XRP is trading near $1.14 and has experienced a price surge of over 6.25% in the past 24 hours. During the same period, its trading volume dropped by 34%, indicating lower participation from traders compared to previous days.
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