Analyst: XRP’s Path to $5 Depends on a Single Chart Configuration

XRP experienced a notable increase, reaching $2.44 on Thursday with a rise of 1.80% in less than three hours. Just when some traders thought the upward trend had ended, discussions about surpassing the $3.4 threshold resurfaced.

Golden Cross Indicator

A golden cross indicator was identified on the weekly RSI by Dark Defender on November 4, 2024. This signal historically preceded a surge from $0.5029 to $3.388. Some analysts speculate that a similar scenario may unfold this time, suggesting that if traders adhere to this trend, a price of $5.85 could be a possibility.

XRP Price Fluctuations

Recent on-chain analysis shows that XRP fluctuated between $2.36 and $2.44 throughout the day, with trading volume increasing alongside Bitcoin’s rise. Currently, XRP is valued at $2.445, reflecting an increase of 0.83% over the past 24 hours. A breach of the $3.33 mark would eliminate its 90-day decline of 5.62%, potentially paving the way for greater gains.

Bitcoin’s Record High

Bitcoin recently surpassed $109,000, setting a new all-time high and positively impacting various altcoins, including XRP. One analyst noted that Bitcoin’s ascent from $27,000 to $74,000 occurred over roughly two years, suggesting that XRP could achieve a similar trajectory in a significantly shorter timeframe. This prediction raises eyebrows, but the market conditions do appear favorable.

Chances of ETF Approval

Forecasts from Polymarket indicate an 83% likelihood that the SEC will approve an XRP ETF. Major players like Bitwise and Grayscale have pending applications. Should these be approved, institutional investments may spike. Some US-listed leveraged XRP futures are already experiencing robust trading volumes, suggesting strong market interest.

Whale Activity and Market Trends

Large holders of XRP continue to increase their holdings, contributing to growing enthusiasm in the market. Price surges often follow significant purchases by these whales. Meanwhile, the overall market sentiment remains relevant; if Bitcoin sees a downturn, it is likely that altcoins will follow suit. Currently, however, the outlook for XRP appears increasingly positive.

Future Outlook

A move beyond $3.4 could establish a new cycle peak, while reaching $5.80 would represent a doubling of its current price. Achieving this will be challenging, as traders will closely monitor the RSI, moving averages, and whale trading activities. Regulatory developments concerning the ETF will also be critical. For now, XRP enthusiasts have reasons to be optimistic, but patience will be essential.