Ripple News: XRP Price Set for Potential Breakout Amid Accumulation Phase
Mustafa Mulla11 Sept 20242 min read
XRP has had a challenging year, lagging behind other major cryptocurrencies. Recently, it’s down over 15% since the start of the week, while many top assets have seen gains of around 20%. Despite these setbacks, crypto advocates are highlighting XRP as a must-buy asset. They believe current indicators suggest a major breakout could be on the horizon.
Could this be the moment XRP has been waiting for? Let’s dive into the details.
XRP Buying Opportunity for Investors?
According to crypto advocate Levi, XRP appears to be in an accumulation phase, where buyers are steadily purchasing the cryptocurrency at lower prices. This situation might offer a prime opportunity for investors to “load their bags” before a potential surge.
Levi’s analysis of the 1-hour chart suggests XRP could soon break out. Long-term holders might benefit from dollar-cost averaging (DCA) at these prices, as XRP might be ready for a bullish run. This strategy could lead to significant gains if XRP follows the expected trend.
Key Levels to Watch
Echoing a similar optimistic view, crypto analyst Dark Defender shared a 3-month chart featuring key Fibonacci extensions. The chart shows that XRP has already surpassed the 23.6% level at $0.3941.
Next, watch the 70.2% level at $0.6640 and the 100% level at $0.9327. If XRP rises above these levels, it could signal even more bullish momentum.
Signs of Recovery for XRP Price
XRP has recently shown signs of recovery, climbing above key resistance levels such as $0.5280, $0.5320, and $0.5350. A successful move above $0.5450 could push the price towards the next resistance levels at $0.5550 and potentially $0.5720. If the momentum continues, XRP might even test the $0.5950 or $0.600 mark.
If XRP can’t break past the $0.540 resistance zone, the price might drop. Initial support could be around $0.5320, with further support at $0.5225, near the 50% Fibonacci retracement level.
Right now, XRP is trading at about $0.53, down 1.3% in the past 24 hours. It has a market cap of $29.9 billion.
Read Also: XRP Price Prediction 2024: How Low Reserves Could Trigger a Bull Rally Soon
Is XRP on your watchlist? Let us know your thoughts.
