XRP / TetherUSLong
XRP: Is the $3.00 Breakout the Start of a New Rally!?
Updated
XRP Token(XRPUSDT) , backed by Ripple, a pioneer in international financial transfers, this token has once again captured the market's attention. Is this growth sustainable or just a temporary surge?
Let's take a closer look.
Fundamental Analysis:
1- Legal Advancements(Recent Court Victories): Ripple has achieved successes in its legal battles against the U.S. Securities and Exchange Commission (SEC), reducing legal uncertainties surrounding XRP and boosting investor confidence.
2- Strategic Partnerships(Collaborations with Major Financial Institutions): Ripple has initiated partnerships with banks and financial institutions worldwide, especially in Europe and Asia, aiding in the broader adoption of XRP.
3- Increased Utility(Speed and Efficiency in Transactions): Given its high speed and low transaction fees, XRP is being considered a suitable option for international transfers.
4- Institutional Investment(Approval of Exchange-Traded Funds (ETFs)): The approval of ETFs related to XRP could lead to increased demand and, consequently, a rise in its price.
5- Leadership Changes(Changes in SEC Leadership): With Gary Gensler stepping down as SEC Chair and the potential appointment of more crypto-friendly leaders, regulatory pressures on XRP are expected to decrease, potentially aiding its growth.
-----------------------------------------------------------
Now, let's take a look at the Technical Analysis of XRP.
XRP is trying to break the Resistance zone($2.92-$2.68). However, the $3.00 Resistance level(Round Number) is preventing XRP from continuing to rise.
Of course, with the large volume of the candle breaking the Resistance zone, we can hope for an increase in XRP.
Regarding Classic technical analysis, the Rising Wedge Pattern has failed and will act as a continuation Pattern when a reversal pattern fails.==>>Educational Tip
According to the theory of Elliot waves, it seems that XRP has succeeded in completing the main wave 3 and we should wait for the main wave 4. It looks like the main wave 4 can end around $2.85 or $2.74 (near the upper line of the failed wedge pattern).
Looking at the chart of XRPBTC(
XRPBTC) in the weekly time frame, we can see that it seems that XRPBTC has succeeded in breaking the Resistance lines and is currently trying to break the Resistance zone, and if this zone breaks, we can see a further increase in XRP compared to Bitcoin(if the crypto market is bullish) and vice versa if the crypto market is bearish, we can hope that XRP will experience a smaller decline than Bitcoin.
Based on the explanation above, I expect XRP to rise to at least a Potential Reversal Zone(PRZ)[$3.36-$3.19] after the pullback is completed.
Note: If XRP returns below the Resistance zone($2.92-$2.68) again, we can expect a further decline of XRP.
XRP Analyze (XRPUSDT), 4-hour time frame⏰.
🔔Be sure to follow the updated ideas.🔔
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
XRPUSDT) , backed by Ripple, a pioneer in international financial transfers, this token has once again captured the market's attention. Is this growth sustainable or just a temporary surge? Let's take a closer look.
Fundamental Analysis:
1- Legal Advancements(Recent Court Victories): Ripple has achieved successes in its legal battles against the U.S. Securities and Exchange Commission (SEC), reducing legal uncertainties surrounding XRP and boosting investor confidence.
2- Strategic Partnerships(Collaborations with Major Financial Institutions): Ripple has initiated partnerships with banks and financial institutions worldwide, especially in Europe and Asia, aiding in the broader adoption of XRP.
3- Increased Utility(Speed and Efficiency in Transactions): Given its high speed and low transaction fees, XRP is being considered a suitable option for international transfers.
4- Institutional Investment(Approval of Exchange-Traded Funds (ETFs)): The approval of ETFs related to XRP could lead to increased demand and, consequently, a rise in its price.
5- Leadership Changes(Changes in SEC Leadership): With Gary Gensler stepping down as SEC Chair and the potential appointment of more crypto-friendly leaders, regulatory pressures on XRP are expected to decrease, potentially aiding its growth.
-----------------------------------------------------------
Now, let's take a look at the Technical Analysis of XRP.
XRP is trying to break the Resistance zone($2.92-$2.68). However, the $3.00 Resistance level(Round Number) is preventing XRP from continuing to rise.
Of course, with the large volume of the candle breaking the Resistance zone, we can hope for an increase in XRP.
Regarding Classic technical analysis, the Rising Wedge Pattern has failed and will act as a continuation Pattern when a reversal pattern fails.==>>Educational Tip
According to the theory of Elliot waves, it seems that XRP has succeeded in completing the main wave 3 and we should wait for the main wave 4. It looks like the main wave 4 can end around $2.85 or $2.74 (near the upper line of the failed wedge pattern).
Looking at the chart of XRPBTC(
XRPBTC) in the weekly time frame, we can see that it seems that XRPBTC has succeeded in breaking the Resistance lines and is currently trying to break the Resistance zone, and if this zone breaks, we can see a further increase in XRP compared to Bitcoin(if the crypto market is bullish) and vice versa if the crypto market is bearish, we can hope that XRP will experience a smaller decline than Bitcoin.Based on the explanation above, I expect XRP to rise to at least a Potential Reversal Zone(PRZ)[$3.36-$3.19] after the pullback is completed.
Note: If XRP returns below the Resistance zone($2.92-$2.68) again, we can expect a further decline of XRP.
XRP Analyze (XRPUSDT), 4-hour time frame⏰.
🔔Be sure to follow the updated ideas.🔔
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
As I expected, XRP reached the Potential Reversal Zone(PRZ)[$3.36-$3.19], although I expected XRP to reach PRZ with a correction(small). But I entered a Long position after the $3.00 break.
With XRP crossing $3.36, I hoped for a continuation of the upward trend of XRP.
Also, another good (technical) news for XRP is that XRPBTC managed to break the resistance zone (as I expected).
If you have XRP in your portfolio and want to save profit, the new Potential Reversal Zone(PRZ)[$3.83-$3.67] can be suitable.
If you want to buy XRP, you'd better wait for the correction.
👑Real & Accurcy Free & VIP Signals👉 t.me/ProTrader_365
📚Contact & Learning Technical Analysis 👉t.me/Ad_ProTrader365
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
📚Contact & Learning Technical Analysis 👉t.me/Ad_ProTrader365
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.