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XRP has captured the attention of the cryptocurrency market with its impressive bullish performance, rising over 45% in just six days. The token’s rally reached a new milestone on Thursday as it broke its all-time high, cementing its position as one of the best-performing assets in the market. As President-elect Donald Trump’s inauguration approaches on Monday, speculation about his administration’s potential impact on the cryptocurrency space is driving more bullish sentiment towards XRP.
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Senior Analyst Ali Martinez recently shared a technical analysis highlighting the strong price action of the token. According to Martinez, XRP appears to have broken out of a bull flag pattern, a technical indicator that often indicates a continuation of an uptrend. Based on this pattern, the price could be preparing to rise to $4, an important level that would mark another major milestone in its continued rise.
As XRP continues to outperform, investors are closely monitoring the coin’s next moves, as many believe it could benefit from a more crypto-friendly environment under the incoming administration. With strong technical indicators and growing optimism in the market, XRP appears poised for further gains, making the coming days a pivotal moment for the asset.
XRP is poised for a massive rally
XRP had a very volatile week, as the price action caught the attention of the cryptocurrency market. After falling to $2.32 earlier in the week, XRP has made an impressive rebound, rising to all-time highs of $3.40. This marks a historic moment for the cryptocurrency, as it finally surpassed its all-time high in 2018, breaking a seven-year record. This achievement has reignited enthusiasm among analysts and investors, who now consider XRP to be one of the hottest assets in the market.
Market sentiment is very bullish, and many expect XRP’s momentum to push it higher in the coming weeks. Martinez recently Share technical analysis on XWhich reveals that XRP has broken out of a bullish flag pattern – a continuation indicator that is often associated with significant price spikes. Based on this pattern, Martinez predicts that XRP could be poised to rise to $4, signaling another major milestone for the asset.
Adding to the optimism is the broader macroeconomic environment, with President-elect Donald Trump set to take office on Monday. With expectations of a pro-cryptocurrency administration, many believe that XRP and the broader market could benefit from favorable policies and increased investor interest.
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As XRP enters this pivotal phase, investors are closely monitoring its ability to sustain recent gains and build on its upward trajectory. With technical indicators aligned and optimism rising in the market, the days ahead could be transformative for XRP, paving the way for higher price levels in 2024.
Price Discovery Phase: What to Expect
XRP is currently trading at $3.20, following its recent rise to an all-time high (ATH) of $3.40. Price action remains very bullish, with strong momentum indicating the potential for further gains in the coming days. Analysts and investors are optimistic that XRP may surpass the newly set ATH price, marking another milestone in its ongoing rise.
Holding the $3.00 level is crucial to maintaining this momentum. This psychological and technical support serves as a foundation for continued bullish sentiment. If XRP can consolidate above this mark, it will boost confidence among traders and indicate the strength needed for another breakout attempt.
However, the market is still very volatile, and XRP is no exception. The rapid price movements seen in recent weeks highlight the potential for liquidity sweeps and strong corrections. Such fluctuations underscore the importance of risk management, as sudden pullbacks can occur before the next phase higher.
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As XRP navigates this pivotal phase, traders are watching closely for signs of sustained strength or potential reversals. If XRP maintains its momentum and holds key support levels, it could be poised to extend its upward trajectory and make new highs in the near future.
Featured image by Dall-E, chart from TradingView
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