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XRP’s $5 Breakout: What’s Next After November’s 464% Surge?
Ripple (XRP) has been making waves in the cryptocurrency market with its unprecedented 464% surge in November, reaching a high of $2.90 on December 3. As the price consolidates below $3, many are wondering what lies ahead for XRP.
One analyst, Steph, believes that XRP’s recent breakout could be just the beginning. According to his analysis, the Bollinger Bands on the 4-hour chart are widening, a phenomenon that has historically led to significant price increases in the past. In November, the bands expanded and XRP rose by 132% from the low swing high. Historical data shows that such events have produced rebounds of 53% and 120%, respectively.
Furthermore, Steph highlights the cryptocurrency’s breakout from a bullish flag pattern on the daily chart. The subsequent close above a long-term resistance level has solidified the trend, paving the way for further price appreciation. The next critical resistance level lies at $2.60, with a daily close above this mark expected to confirm the breakout and propel XRP towards higher prices.
Based on his technical analysis, Steph predicts a short- to medium-term target of between $4.90 and $5, which is supported by the positive crossover of the Exponential Moving Average (EMA) ribbons. The fact that XRP retested the EMA ribbons on December 10 and subsequently reversed adds credibility to this buy signal.
Another factor that could contribute to XRP’s upside momentum is a decline in Bitcoin’s market capitalization share. Historically, as Bitcoin’s dominance decreases, altcoins like XRP tend to benefit from the shift, potentially leading to a rally. If Bitcoin’s market dominance falls within the 47-50% range, an altcoin season could ensue, propelling XRP to its predicted $5 goal.
While XRP has pulled back from its recent highs, it is difficult to ignore the weight of technical and fundamental factors that support a potential major price increase.
Source: cryptotale.org
