The post Ripple News: XRP Price Set for Potential Breakout Amid Accumulation Phase appeared first on Coinpedia Fintech News
XRP has had a challenging year, lagging behind other major cryptocurrencies. Recently, it’s down over 15% since the start of the week, while many top assets have seen gains of around 20%. Despite these setbacks, crypto advocates are highlighting XRP as a must-buy asset. They believe current indicators suggest a major breakout could be on the horizon.
XRP To Break Out Soon
According to crypto advocate Levi, XRP appears to be in an accumulation phase, where buyers are steadily purchasing the cryptocurrency at lower prices. This situation might offer a prime opportunity for investors to “load their bags” before a potential surge.
Levi’s analysis of the 1-hour chart reveals patterns suggesting an imminent breakout for XRP. Meanwhile, the Long-term holders could benefit from dollar-cost averaging (DCA) at these levels, as XRP may be poised for a bullish run. This strategy could set investors up for substantial gains if XRP starts a bullish run as expected.
Echoing a similar optimistic view, crypto analyst Dark Defender shared a 3-month chart featuring key Fibonacci extensions. The chart shows that XRP has already surpassed the 23.6% level at $0.3941.
The next important levels to watch are the 70.2% mark at $0.6640 and the 100% mark at $0.9327. If XRP breaks above these levels, it could indicate even more bullish momentum ahead.
XRP Price Eyes Recovery, But
XRP has recently shown signs of recovery, climbing above key resistance levels such as $0.5280, $0.5320, and $0.5350. A successful move above $0.5450 could push the price towards the next resistance levels at $0.5550 and potentially $0.5720. If the momentum continues, XRP might even test the $0.5950 or $0.600 mark.
On flip side, if XRP fails to surpass the $0.540 resistance zone. In that case, the price could face a decline, with initial support around $0.5320 and further support at $0.5225, near the 50% Fib retracement level.
As of now, XRP is trading at approximately $0.53, marking a 1.3% decline in the past 24 hours. The cryptocurrency has a market cap of $29.9 billion.
Read Also: XRP Price Prediction 2024: How Low Reserves Could Trigger a Bull Rally Soon
