HomeCoinsCardano (ADA)Why XRP might have a shot at $4 in the next 2...

Why XRP might have a shot at $4 in the next 2 weeks

- Advertisement -


The collective crypto-market is in a strange position at the moment. Bitcoin is indicative of a strong de-correlation with the likes of Ethereum and Cardano. And, while the long-term bullish structure remains intact for most, there still seems to be panic amidst BTC’s recent plunge to $60,380.

However, for XRP, the trend might be setting up for an explosive couple of weeks ahead. Especially since a possible new all-time high might be on the cards.

Now, the article might be berated by Bitcoin fanboys. But, this isn’t your coin so, why do you care?

XRP – daily and weekly game strong?

Why XRP might have a shot at $4 in the next 2 weeks

Source: Trading View

In a previous article, we discussed XRP’s consolidation within the symmetrical triangle pattern, with the narrative moving towards a bullish breakout. However, on 27 October, the breakout was southbound.

And yet, at the time of writing, the drop can be seen as a mere speed bump since immediate recovery was made and XRP moved above $1.10 within a week. Technically, the daily candle closed above the Exponential Moving Average-20 or EMA-20 within 3 days, indicative of strong bullish momentum.

Now, in light of the aforementioned structure, the weekly chart maps out perfectly for XRP.

Why XRP might have a shot at $4 in the next 2 weeks

Source: Trading View

Fractal formations over a longer timeframe usually dictate the direction of a trend and XRP’s recent patterns have been salivating. As can be observed above, the weekly chart for XRP registered a similar local top, local bottom, and a positive symmetrical triangle breakout in Q1 2021 and  Q4 2021.

The only missing part of the continuation chart has been the explosive returns. These took XRP to $2 during April 2021. A similar unfolding would push XRP easily above $3, hitting $4 at its potential best over the next couple of weeks.

Theory to support and counter?

Why XRP might have a shot at $4 in the next 2 weeks

Source: Santiment

Now, the counter-argument to the $4-summit could be the lack of social volumes. Q1 2021 saw massive engagement for XRP. The same, at the moment, however, isn’t very evident.

As illustrated below, social volumes haven’t been anything extraordinary. This may indicate the lack of retail interest or general public enthusiasm.

Why XRP might have a shot at $4 in the next 2 weeks

Source: Santiment

However, on-chain activity is nothing to be worried about. A sharp bullish divergence was observed between rising active addresses and dropping prices a week back. Now, the recent spike in value is emerging as a fundamental catalyst.

Rising daily active addresses mean engagement is on the rise. By implication, this means XRP is getting the attention of its users.

Final Words

To be fair, a moonshot to $4 is still extremely speculative, even though the market structure and fundamental reasoning hold through.

Any sharp correction on BTC’s side may witness a collective altcoin dump as well. However, XRP has navigated through a bullish period despite BTC’s involvement in the past. Hence, there isn’t any reason to believe it might not do it again. As always, Do Your Own Research. 



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,546FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 56,249.00
ethereum
Ethereum (ETH) $ 4,517.98
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 560.25
litecoin
Litecoin (LTC) $ 201.51
eos
EOS (EOS) $ 4.02
okb
OKB (OKB) $ 27.80
tezos
Tezos (XTZ) $ 5.24
leo-token
LEO Token (LEO) $ 3.57
cardano
Cardano (ADA) $ 1.63
monero
Monero (XMR) $ 235.48
stellar
Stellar (XLM) $ 0.350644
chainlink
Chainlink (LINK) $ 25.25
huobi-token
Huobi Token (HT) $ 9.71
tron
TRON (TRX) $ 0.100101
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 177.31
neo
NEO (NEO) $ 37.26
iota
IOTA (MIOTA) $ 1.48
nem
NEM (XEM) $ 0.170368
zcash
Zcash (ZEC) $ 226.47
maker
Maker (MKR) $ 2,900.04
paxos-standard
Pax Dollar (USDP) $ 0.992764
ethereum-classic
Ethereum Classic (ETC) $ 46.80
vechain
VeChain (VET) $ 0.117076
true-usd
TrueUSD (TUSD) $ 0.999182
ftx-token
FTX Token (FTT) $ 48.77
kucoin-shares
KuCoin Token (KCS) $ 25.34
waves
Waves (WAVES) $ 20.91