Hang in there, XRP crypto is about to take off to new heights! Technical and fundamental signals herald an imminent surge in the Ripple blockchain token. Overview of positively bullish factors.
A flag that portends gains of 20%
The price of the crypto XRP is currently moving in a very promising “bullish flag” configuration. After a consolidation phase in a parallel channel, following an uptrend, the Ripple token is technically ready for a new explosion.
On November 26, the price broke out above the trend line, a harbinger of a resumption of the race to the top. Certainly, volumes remain timid and could cause a final test decline towards $0.59.
But this level also corresponds to strong technical support and the 50-day moving average. In other words, the $0.59 zone should allow a powerful rebound for the crypto.
The bullish target of the chart pattern is around $0.75. Either a gain of more than 20% compared to current values! Of course, a sustainable close below the flag line would push back this bullish continuation scenario and expose critical support at $0.54.
Whales Buying the Dip and Favorable Crypto Regulations Approaching
On the fundamental side, the Ripple network also displays extremely positive signals. On-chain data show that the largest wallets, between 100,000 and 10 million XRP, massively accumulated tokens during the recent price correction phase. Last week alone, these “whales” purchased nearly $7 million worth of crypto!
This behavior demonstrates a deep bullish conviction among the most informed investors. By betting on the crypto at the lowest levels, they are clearly betting on a strong recovery during the next rally. And thus confirm the technical potential of the Chartist flag!
Finally, the positive outcome of the SEC vs Ripple trial should constitute a powerful tailwind. The court’s final decision is expected in April 2024 and an amicable agreement is already looming.
Remember that in 2021, the SEC complaint accusing Ripple of selling unregistered securities caused the price of the crypto XRP to plunge by almost 70% in a few days. A regularization, even partial, of the status of the token in the United States would therefore open the way to a massive revaluation.
Between explosive technical configuration, massive purchases by informed investors and positive regulation on the way, all the ingredients are there for crypto to soar towards new historical records! A golden opportunity for investors who know how to anticipate it. Here’s what to remember about the market before the rise.
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