XRP Eyes Over 20% Price Surge Amid Strong Accumulation and Bullish Pattern
Summary:
XRP's price is likely to surge more than 20% due to a bullish continuation pattern. As of November 26, XRP has breached its bull flag's upper trendline with lower trade volumes and could potentially soar to $0.75 in December. It has seen substantial accumulation among its wealthiest addresses. XRP's rise this year is also attributed to Ripple's partial victory against the US SEC. However, a final decision on whether Ripple's XRP sales violated US securities regulations is yet awaited. The court case is set to resume on April 23, 2024.
XRP (XRP) is expected to witness more than a 20% surge in the upcoming weeks, thanks to the appearance of a bullish continuation pattern. The so-called bull flag pattern, a classical sign of bullish continuation, forms when the price consolidates within a congruent channel following a strong uptrend, ending once the price convincingly breaches the upper trendline.
As of November 26, XRP had breached its bull flag's upper trendline, albeit with lower trade volumes, implying a degree of skepticism surrounding the continuance of XRP’s bullish trend. Uncertainty could lead to the upper trendline of the flag being tested as a support level, potentially driving the price down to $0.59, which aligns with historical support and the 50-day EMA average shown on the daily price chart.
Assuming a bullish trend, XRP could soar to $0.75 in December, a surge of more than 20% from present levels. However, any breach below the flag's upper trendline could postpone the bullish course, establishing the lower trendline near $0.54 as the next downward objective.
Significant XRP accumulation has been seen among the wealthiest addresses in the cryptocurrency's on-chain data. Remarkably, a surge in token supply has been observed among these addresses during XRP's correction phase, with these "whales" purchasing $6.82 million worth of XRP tokens in the past week. These purchases demonstrate their belief in a rise in XRP prices in December, aligning with the bull flag setup outlined earlier.
XRP's traction is largely attributable to Ripple's partial victory against the US SEC, a significant factor driving the currency's roughly 85% rise this year. However, a final decision is still awaited on whether Ripple's XRP sales violated US securities regulations. The Ripple-SEC court battle is set to resume on April 23, 2024, with a significant chance of a settlement. Crypto lawyer John Deaton claims that any agreement under $20 million would be a near-total victory for Ripple. This news item does not serve as investment advice. Every investment action entails risks, requiring readers to conduct thorough research before deciding.
Published At
11/26/2023 10:50:49 AM
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