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The XRP token has exhibited mixed sentiment over the past 24 hours, with a bearish trend dominating most of the trading day. According to CoinMarketCap’s data, the cryptocurrency’s price action experienced a slight pullback on its daily chart, recording a 1.46% decline to settle at $1.10. This adverse sentiment implies a cooling-off period following the rapid gains achieved over the last week. Market participants may interpret this as a short-term consolidation phase, with traders likely taking profits after the recent uptrend. However, the token’s resilience and the increasing trading volume of $6.59 billion hint at an underlying strength that could support a future upward trend.
Zooming out on the long-term price action, the XRP’s modest dip contrasts with the broader bullish trend in the weekly and monthly timeframes, where the cryptocurrency surged by 55.82% and 107.31%, respectively. With this positive outlook in mind, the question lingers: Will the XRP token stem its daily losses and resume its upward climb, or will this dip signal the start of a more prolonged consolidation period?
XRP Momentum Soars, But RSI Warns of Potential Dip
From a technical standpoint, the MACD indicator at 0.0889 confirms a decisive bullish crossover above the signal line at 0.0261, implying a clear dominance of bullish momentum in XRP’s market. The widening green bars on the MACD histogram further validate this trend, underscoring sustained buying pressure that points toward continuing the current rally.
Complementing this bullish narrative, the 50-day and 200-day simple moving averages (SMAs) provide robust support zones at $0.57 and $0.62, respectively, reinforcing the market’s structural strength. However, the RSI, at 81.08, has entered overbought territory, suggesting the rally may be overextended in the short term.
Historically, such RSI levels are often followed by a period of consolidation or a minor pullback as traders secure profits. In the event of a retracement, the 50-day and 200-day SMAs are expected to act as key support levels, possibly serving as a springboard for the next upward leg. This cooling phase would allow the RSI to normalize, maintaining the broader bullish trajectory while reducing short-term overheating risks.
XRP Price Forecast: Analyst Eyes $8-$30 Target
According to market analyst Armando Pantoja, the XRP token is on the cusp of a price rally, likely reaching price targets between $8 and $30. Central to this bullish prediction is the rumor of SEC Chair Gary Gensler’s possible resignation, which Pantoja considers a pivotal event for the crypto market—particularly for XRP. Pantoja highlights that Gensler has been perceived as a key driver of the SEC’s aggressive stance against cryptocurrency.
Gensler's exit + Elliot Wave patterns signal a huge $XRP breakout.
Key break points: $1.33 & $1.88.
After $1.88, it’s a clear path back to the ATH of $3.84.
Targets: $8-$30. Last time we saw this setup, #XRP skyrocketed.
Don’t miss it. #XRP #XRPArmy pic.twitter.com/aDOuceBQAH
— Armando Pantoja (@_TallGuyTycoon) November 19, 2024
The long-standing lawsuit between the SEC and Ripple, which dampened XRP’s price potential, has weighed heavily on investor sentiment. Should Gensler step down, the market could interpret it as a shift toward more favorable regulatory conditions, igniting a wave of optimism and renewed interest in the XRP token.
The analyst parallels a previous market cycle where XRP experienced explosive growth, skyrocketing from mere cents to $3.84. In that scenario, similar macroeconomic and regulatory conditions set the stage for rapid price appreciation. Moreover, Pantoja believes the cryptocurrency could repeat this historical surge with XRP’s breakout above critical resistance levels at $1.33 and $1.88.