Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Analyst Says XRP Will Absolutely Rocket if It Crosses This Level On The Monthly

Analyst Says XRP Will Absolutely Rocket if It Crosses This Level On The Monthly

TimestabloidTimestabloid2024/11/17 16:00
By:By Tobi Loba

In a recent market analysis, cryptocurrency expert King Solomon (@IOV_OWL) has identified a crucial price threshold for XRP that could potentially catalyze substantial upward movement in its value. The digital asset, which recently achieved its first breakthrough above $1 in three years, is currently in a consolidation phase following an impressive performance.

XRP demonstrated remarkable strength during the previous week’s trading sessions, particularly over the weekend. From November 9, XRP’s value increased by almost 130%, climbing from $0.55 to $1.26 on November 16.

Following this substantial rally, the digital asset encountered resistance at the $1.26 level. Despite this correction, market participants have successfully maintained support above the psychological $1 threshold.

. $XRP is going to absolutely rocket if it closes above on the monthly, there's not a lot of historical resistance after this….. pic.twitter.com/4RcSpbV68c

— King Solomon (@IOV_OWL) November 18, 2024

Critical Levels for XRP

According to King Solomon’s technical analysis, the $1.08 price point represents a critical level for XRP’s future trajectory. He suggests maintaining price action above this threshold through the monthly close could trigger significant upward momentum.

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), recently revealed that he will step down on January 20, 2025. This caused a 10% XRP price surge, temporarily pushing it above $1.2 again. This surge has kept it above the $1.1 level, and staying above this level will be crucial if a market correction ensues.

Where Will XRP Go?

Taking a more conservative approach, King Solomon adjusted his target level to $1.35, specifically noting the importance of the Fibonacci 1.618 level near $1.3457. With approximately nine days remaining in November, achieving and sustaining this level could help XRP’s trajectory.

Technical indicators provide additional context for XRP’s current market position. The formation of a bull flag pattern on the daily timeframe suggests a potential for continued upward movement.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

This pattern emerged following the decline from the $1.26 peak on November 16. Another prominent analyst recently spotted a similar indicator , and like most other analysts, King Solomon expects a massive rally for XRP.

The digital asset’s Relative Strength Index (RSI) is currently in the overbought range, which could lead to a price correction if selling pressure intensifies. In such a scenario, the $1.0373 level becomes a critical support zone. XRP could continue range-bound trading for four additional days before reaching the pennant’s apex to heading for the $1.35 target.

Should XRP break above current resistance levels, analysis suggests potential targets at $1.87, corresponding to the Fibonacci 2.618 level, before approaching the $2.4 mark. This would surpass the 2021 peak of $1.96, which veteran trader Peter Brandt identifies as significant for potential price acceleration.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

Follow us on Twitter , Facebook , Telegram , and Google News

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Web3 ai Could Lead 2025’s Best Cryptos With 1,747% ROI, Outshining Toncoin & Chainlink’s Performance

Toncoin (TON) and Chainlink (LINK) show strong market positions, but Web3 ai’s AI-driven platform and sub-$0.001 price point may offer greater potential for exponential growth.Toncoin (TON): Leveraging Telegram’s Ecosystem for GrowthChainlink (LINK): Technical Indicators Point to Potential BreakoutWeb3 ai: Affordable Entry with AI-Driven Security ToolsClosing Thought

Coinomedia2025/05/24 23:40
Web3 ai Could Lead 2025’s Best Cryptos With 1,747% ROI, Outshining Toncoin & Chainlink’s Performance

Ethereum Set to Soar Past $4,000 Again

Ethereum eyes a comeback above $4,000 with a projected 55% surge amid rising market optimism.What’s Driving the Ethereum Rally?Could Ethereum Break Past Its All-Time High?

Coinomedia2025/05/24 23:40
Ethereum Set to Soar Past $4,000 Again

Lark Davis: Best Time to Make Money in Crypto

Crypto analyst Lark Davis says this is the best time to make money in crypto. Here’s why you should pay attention now.Why This Window Matters So MuchHow to Lock In for Maximum Gains

Coinomedia2025/05/24 23:40
Lark Davis: Best Time to Make Money in Crypto

Top Rated Cryptos to Buy in 2025: BlockDAG, Tron, Polygon, and Polkadot Line Up Ahead of Q3 Shift

Explore the top rated cryptos to buy in 2025, featuring BlockDAG’s limited-time 'Double Your BDAG' offer, and why Tron, Polygon, and Polkadot are gaining strong attention this year1. BlockDAG (BDAG)2. Tron (TRX)3. Polygon (MATIC)4. Polkadot (DOT)Closing View on Key 2025 Contenders

Coinomedia2025/05/24 23:40
Top Rated Cryptos to Buy in 2025: BlockDAG, Tron, Polygon, and Polkadot Line Up Ahead of Q3 Shift