XRP’s technicals look poised for a short-term breakout. According to one investor on X, it could happen in days or even hours. Before we add fuel to the fire, let’s review his XRP prediction.
I wanted to be clear on why I see a MONSTER XRP pump coming in most likely, HOURS, not days.
We are so damn close I can taste it. Such a juicy setup. It doesn’t get much better than this. The daily isn’t super super beautiful but, It’s really nice. pic.twitter.com/sI6ZuFsRVw
— Signal Bar Method (@SignalBarMethod) December 28, 2023
According to his technical analysis, he identifies that XRP’s chart is ‘coiled tightly’ and ready to pop.
We agree with his general technical analysis but need to caution readers that predicting the exact time of any crypto breakout requires sentiment and fundamentals as well.
He did touch on the somewhat positive news about the US SEC dropping claims against two Ripple Labs executives.
However, that was announced months ago. We need to look at other technicals and fundamentals to get an idea if his prediction could come to fruition.
XRP price prediction resistance levels
Currently XRP is trading around the $0.65 price and the $0.67 level is where there’s been key resistance in mid November and December.
If XRP breaks the $0.67 resistance we could see a rally toward $0.70, which it lasted touched on Nov. 6.
Our price target of $3 for XRP in 2024 remains in line with forecasting an upward trend for XRP in the coming weeks.
However, we provide deeper analysis in our weekly premium crypto newsletter.
— XRP whale (@realXRPwhale) December 28, 2023
Other users on X are also warning of an XRP ‘pump’ coming soon. In XRP whale’s analysis, he touched on key resistance being broken around $0.65 — which is in line with our forecasting.
We do have to temper our expectations slightly however given that Ripple Lab’s XRP has lagged some other key cryptos in Solana (SOL) and Avalanche (AVAX) over the past month.
With promising technicals and the community sentiment shifting positive, XRP’s price looks like it could be headed north.
This is not to say investors should run to place buy orders, but merely to track the latest resistance level prior to expecting a larger breakout.
Disclaimer: this is not financial advice. Please consult with a licensed financial advisor prior to making any investments.