Ripple’s native token, which has been hovering in the $0.50 range for an extended period. Despite the current lackluster performance, a seasoned crypto trader has ignited hope among XRP enthusiasts with a bold prediction of a potential five-fold price increase on the horizon.
Very crucial for #XRP to close this weekly candle above 55 cents or else we’ll test the support at 40 cents.
The #Bitcoin dominance is almost near the top and once it starts dumping we’ll see all #Altcoins pull a 2-5x easy. Just accumulate coming year is very bullish! #Crypto pic.twitter.com/Dk0ARRnjE9
— THE GOAT TRADERS (@TheGoatTraders) October 6, 2024
The $0.55 Watershed: Make or Break for XRP
The crux of this trader’s analysis hinges on a critical resistance level: $0.55. According to the expert, XRP’s ability to close a weekly candle above this threshold could be the catalyst for a major bull run.
Conversely, failure to breach this resistance might see XRP retracing to test support levels as low as $0.40.
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This prediction comes at a time when Bitcoin’s market dominance is approaching what many believe to be its peak. The analyst suggests that as Bitcoin’s dominance begins to wane, altcoins like XRP could see price increases ranging from 2x to 5x their current values.
The trader’s optimism extends beyond XRP, painting a bullish picture for the broader altcoin market in the coming year.
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As of the latest data, XRP is trading at $0.5323, showing a modest increase over the past 24 hours. This slight uptick could be the beginning of a move towards the crucial $0.55 level, but the real test will be sustaining and closing above this price point on a weekly basis.
