XRP has gained significant momentum following a multi-week rally, driven by major catalysts such as Donald Trump’s re-election and the announcement of SEC Chair Gary Gensler’s resignation.
Despite some weekend volatility, the cryptocurrency remains firmly entrenched in a bullish trend, as highlighted by market experts.
Notably, Alan Santana emphasized in his recent TradingView analysis that XRP’s monthly chart reflects one of its strongest performances since November 2020.
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This suggests a potential shift into a prolonged bull market. While November 2020 marked a pivotal period for XRP, characterized by a sharp correction in December followed by a significant bull run, current market dynamics indicate that 2024 could see a steadier upward trajectory with less dramatic corrections.
Technical indicators point to strength
The key support levels for XRP are $1.32, $1.12, and $0.92, with $1.32 acting as a critical floor for the current rally.
As XRP hovers just above this level, the bullish structure remains intact. A daily close below $1.32 could signal a short-term retrace, but experts suggest that quick recoveries would further solidify its upward trajectory.
Currently trading above the EMA55 on the weekly timeframe, XRP signals robust long-term growth potential. High trading volume also reflects strong market participation, further supporting the bullish sentiment.
As long as XRP sustains its position above $1.32, its technical outlook remains optimistic.
Santana also emphasized that any dips in XRP’s price should be seen as short-term corrections and potential buying opportunities. Unlike the sharp declines of December 2020, these retracements are likely to act as “shakeouts” for weaker hands, enabling XRP holders to strengthen their positions.
More bullish projections
Additional technical analysis by trading expert DarkDefender suggests that XRP’s rally is far from over.
According to the analyst. XRP has been consolidating around the critical Fibonacci level of $1.44, which corresponds to the 261.8% retracement level.
This level has acted as a significant pivot point over the past few days. For XRP to confirm its next leg upward, a strong close above $1.44 for at least two consecutive days is essential.
Furthermore, according to Elliott Wave Theory, the 5th sub-wave projects initial targets of $1.88 (161.8% Fibonacci extension) and $2.17 (361.8% Fibonacci extension). These levels represent the next significant price zones for XRP, provided it clears the $1.44 resistance convincingly.
Factors driving XRP’s momentum
Recent whale activity has further boosted confidence in XRP. Over the weekend, on-chain data shared by analyst Ali Martinez revealed that whales purchased over $50 million worth of XRP.
Adding to the bullish sentiment, New York-based asset management firm WisdomTree filed a registration statement for an XRP ETF in Delaware, with a formal SEC filing expected soon.
However, XRP’s momentum also depends on Bitcoin’s performance, with the token potentially reaching $2 if Bitcoin maintains its bullish trend above the $94,000 support level, as reported by Finbold.
XRP price analysis
At press time, XRP is trading at $1.35, marking a 4% decline over the past 24 hours. However, the token has gained an impressive 24% over the week, supported by the $1.30 level.
With the broader market sentiment aligning in its favor and Bitcoin’s trajectory playing a pivotal role, XRP appears well-positioned to sustain its bullish momentum in the weeks ahead.
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