XRP Goes To All-Time High If This Resistance Breaks: Crypto Analyst
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XRP has emerged as a strong performer among the top-100 cryptocurrencies by market capitalization, seeing a substantial 7% increase over the last 24 hours. Speculations about a possible settlement or remedies ruling in the Ripple-SEC case have fueled this surge.
Crypto analyst Doctor Magic (@Doctor_Magic_) provided a detailed analysis on Twitter, focusing on multiple time frames. On the 4-hour chart, the most crucial resistance is just above the $0.70 mark. If this level is surpassed, XRP could potentially reach new all-time highs.
He also warned of possible short-term rejections despite higher time frame indicators being bullish. Traders are advised to be cautious with leveraged long positions. The Relative Strength Index (RSI) breakout suggests robust momentum, signaling potential bullish days ahead.
In long-term predictions, key Fibonacci retracement levels are highlighted, including major resistance points at $0.91, $1.61, and $13.37. Doctor Magic's most ambitious target is the 1.618 Fibonacci extension level at approximately $26.60, though he mentioned it's too early for a definitive cycle top price prediction.
Overall, XRP's recent bullish trend is backed by technical analyses and market sentiment, with significant resistance levels serving as potential pivot points for future price movements.
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