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Ripple’s XRP is currently trading in green and is up by more than three percent in the last 24 hours. The altcoin is trading between the $1.06 and $1.15 range. XRP’s bullish momentum is partly supported by the speculations about SEC chair Gary Gensler’s resignation. According to reports, President-elect Donald Trump is considering a crypto-friendly chairman to replace Gensler. However, XRP’s ATH sits at $3.30 and it remains to be seen if the bulls will hit that mark before the end of this year. Here’s a price analysis by analyst Josh of Crypto World:
Current Price Action
XRP is currently trading between a golden pocket and the 78.6% Fibonacci level on the weekly chart. The 78.6% Fibonacci level, acting as strong resistance, is around $1.30. However, resistance starts at $1.26 and goes up to $1.30.
Support Zone
Support for XRP is located between $0.94 and $1.00, where a previous resistance level is now acting as support. If the price pulls back, expect support in this range.
Bullish Breakout Scenario
A confirmed breakout above $1.30 could drive XRP back towards previous highs around $1.70 to $2. This is a critical level to watch for a potential upward move.
Short-Term Price Pattern
XRP is forming a pattern similar to Cardano’s. If XRP breaks resistance at $1.14, it could see a bullish continuation, targeting $1.35. However, if support at $1.08 is broken, the price could fall to around $0.91 to $0.92, marking a potential 15% decline.
Bitcoin Comparison
Looking at XRP/BTC on the weekly chart, XRP might repeat the pattern seen in early 2021—a double bottom that led to a significant rise. If this pattern repeats, XRP could double in value against Bitcoin, potentially seeing gains of over 100%.