Crypto News- XRP investors are eyeing a potential 20% surge in the coming weeks, driven by a classic bullish continuation setup. The price action reveals a bull flag pattern, typically seen after a robust uptrend, where consolidation occurs within a parallel channel. The breakout occurs when the price convincingly surpasses the upper trendline, ascending by a magnitude comparable to the prior uptrend.
XRP Price Analysis: Bull Flag Emerges, Pointing Towards a 20% Rally by New Year’s
As of November 26, XRP is trading above the bull flag’s upper trendline, albeit with weaker volumes, suggesting a nuanced conviction among traders regarding its bullish trajectory. Traders’ indecisiveness might lead to a test of the flag’s upper trendline as support, potentially resulting in a decline to around $0.59 by November. This level aligns with a historical support level and the 50-day exponential moving average (50-day EMA), providing a crucial standpoint.
On the weekly timeframe chart, XRP could target a climb toward $0.75 in December, representing a noteworthy 20% gain if the bull flag scenario materializes, marked by a high-volume rebound from the upper trendline. However, breaking below the flag’s upper trendline could postpone the bullish setup, bringing the lower trendline near $0.54, along with the 200-day EMA (the blue wave), into play as the next downside target.
Supporting the optimistic outlook is on-chain data indicating bullish momentum, particularly evident in strong accumulation among XRP’s wealthiest addresses. Whales, holding balances between 100,000 and 10 million tokens, have purchased $6.82 million worth of XRP over the past week, reinforcing confidence in a potential price rise in December. This aligns with the anticipated bull flag setup.
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