By CryptoNews - 5 months ago - Reading Time: 4 minutes
XRP Price Prediction as Analyst Points to Critical Trendline Break – Is a Major Bullish Move Imminent?
Source: Bing Image CreatorThe XRP price has gained by 2.5% in the past 24 hours, rising to $0.615287 on a day when the cryptocurrency market has risen by 3.5%.
Expectations of Fed rate cuts as soon as the first quarter of 2024 are the main driver of today’s positivity, with XRP now up by 3.5% in the past week and by 10.5% in the last 30 days.
The altcoin has also gained by 80% since the beginning of 2023, which has been a highly positive year for the token, providing it with ongoing momentum that’s likely to carry into further gains in the coming weeks.
Indeed, some analysts are already pointing to key indicators which suggest XRP could break out very soon, with at least one suggesting the potential for a “parabolic” move very soon.
XRP Price Prediction as Analyst Points to Critical Trendline Break – Is a Major Bullish Move Imminent?
One thing that could be said about XRP’s chart right now is that, after several weeks of correcting, it could be ready for a renewed rally.
Its RSI (purple) had fallen as low as 40 a week or so ago, but now it has just risen back to 50, potentially a sign of price rises to come.
Source: TradingViewAnd while XRP’s 30-day average (yellow) has seen its curve flatten a little in recent days, it continues to rise above its 200-day average (blue), a sign that the token remains in the middle of a broader period of growth.
The coin’s support level (green) also backs up this view, rising noticeably since October and preventing any fall back down to lower levels seen in previous months.
Analysts are also suggesting that XRP is due for further gains soon enough, with some hinting at the possibility of substantial rises.
#XRP – monthly close coming! 3 things need to happen for PARABOLIC MOVE!
1. Bullish cross on the SRSI
2. Both SRSI lines cross above 80
3. 8-year trendline breaks
Then 5% (smart money) will take life changing profits! Will u be the 5%?
Retweet/like for monthly update! $XRP… pic.twitter.com/icLrwZy2CZ
— JD (@jaydee_757) November 28, 2023
In particular, the tweet above suggests that the XRP price rise exponentially if it can cross its eight-year trend line, which currently stands at around $0.90.
There remains every possibility that XRP could reach this level in the next few weeks, particularly if the wider market enters a distinct bull phase.
Such a phase could arrive sooner than some may anticipate, especially if the SEC approves a handful of Bitcoin ETFs.
On top of this, the Fed has revealed in recent days that it may begin cutting interest rates from early next year, which would provide another factor in renewed optimism.
Incredible… market now assigning a literal ~100% probability that the Fed will CUT interest rates at least TWICE a year from now (November 2024)
1/4 pic.twitter.com/Q0u4XQ2BIZ
— Jack Farley (@JackFarley96) November 28, 2023
Based on such potential developments, XRP is likely to reach $1 again within the first couple of months of 2024, which could see it test its record high by the close of the year if a full bull market ensues.
New Altcoins With High Potential
Yet because XRP is a highly established token, many traders may also be interested in diversifying into newer alts, particularly those that stand on the brink of big initial rallies.
This means that traders should consider investigating presale tokens, since the most successful of these generate so much momentum during their offerings that they end up having profitable exchange listings.
A strong candidate to do just this is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $1.9 million in its sale.
The #BTCETF #Token stands as more than a typical #DigitalCurrency; it's a forward-thinking initiative shaping the future of #Bitcoin ETFs.
Leveraging #Ethereum, #BitcoinETF foresees and embraces this forthcoming evolution, presenting exclusive advantages to its user base. pic.twitter.com/inReCyJ3Ax
— BTCETF_Token (@BTCETF_Token) November 28, 2023
Bitcoin ETF Token has quickly emerged as one of the most exciting and interesting new coins in the market, for the simple reason that its tokenomics will be aggressively deflationary.
Not only that, but it will link its tokenomics to the progress of real-world Bitcoin ETFs and to BTC itself, with the coin planning to burn 25% of its total supply over time.
It will do this in 5% blocks, with each 5% burning coming when Bitcoin or Bitcoin ETFs reach certain milestones.
The first such milestone relates to Bitcoin ETFs attaining a trading volume of $100 million, while the last will arrive when BTC hits a price of $100,000.
By proactively restricting its supply like this, Bitcoin ETF Token will boost relative demand and, in turn, its price.
This is why investors are increasingly turning to its sale, with new buyers able to join at the official Bitcoin ETF Token website.
1 BTCETF token now costs $0.0060, although once it launches and the first milestone is reached, it could easily rise much, much higher.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Original source: CryptoNews