Ripple has reached a critical junction as it rises up from a prolonged four-year consolidation period, indicating the end of its 11-year super cycle. The monthly chart analysis suggests that the price has broken out a multi-year triangular correction pattern, paving the way for exponential growth in the coming weeks.
📊NEUTRAL: #XRPUSD $XRP by @skyrexio
Ripple XRPs 11-year super cycle is coming to an end with XRPUSDs awakening from 4 years of consolidation. Is this pump real or will the price go down? Our global forecast has the answer on the monthly time frame. pic.twitter.com/upeZfA3FSP
— Crypto | ChartMonkey (@ChartMonkeyBTC) November 17, 2024
Will XRP Price Turn Bearish or Bullish?
Currently trading around $1.15, XRP’s near-term trajectory hinges on whether it can sustain its bullish momentum or not. The chart highlights critical support at $0.75 – a level that must be held to maintain investor interest. A breakdown below this level could lead to the downfall of the token.
On the other side, the breakout also suggests that the token might rally up to $2.50 to $3.80, in line with the wave of Elliott wave depicted in the chart. This would confirm the bullish reversal bar seen at the base of the triangle correction, which often marks the start of upward momentum.
Advertisement
The triangular correction pattern identified on the chart indicated key resistance near $1.60, with a decisive break above this level indicating potential gains. The historical consolidation, spanning from 2018 to 2023, mirrors similar setups seen during Ripple XRP’s previous supercycles, where extended periods of accumulation led to price movements.
Ripple’s Future
Considering all these factors, it seems like the investors will be patient with the token as it navigates these price zones. The chart suggests that XRP’s fate will likely unfold in the coming months.
At press time, the price of the XRP token stands at $1.14, with a surge of 8.64%.
As the monthly time frame analysis implies, patience may bring success to the XRP holders. The positive news surrounding Ripple’s developments certainly, the growing support for crypto, and the selection of a new pro-crypto SEC Chair can help the XRP price to surge. However, the crypto industry is very fickle and a new development can make or break the project.
Advertisement
Also Read: How Can You Maximize Your Crypto Earnings with Free Games?
