XRP opened the week on a positive note, trading at $0.51 with a modest 1.68% gain in the last 24 hours, according to CoinMarketCap data.
Despite its continued sideways trading streak, the now seventh-largest cryptocurrency by market capitalization has shown resilience, maintaining a steady trading range above the $0.50 support level over the past week.
Market data also reveals that XRP’s trading volume has surged significantly, with a 50.59% increase to $992 million in the past 24 hours, suggesting growing investor interest. Community sentiment remains overwhelmingly positive, with 84% of traders expressing bullish sentiments.
Meanwhile, amid the price consolidation, analysts have shared diverse opinions, with many anticipating an upward trend for XRP in the near future. A popular analyst known as Amonyx recently boldly predicted that XRP could skyrocket to $25 in the next bull cycle.
Addressing his substantial following on X (formerly Twitter), Amonyx declared, “WE ARE LOCKED AND LOADED,” alongside a technical chart illustrating a bullish parallel channel pattern. Notably, the analyst’s chart analysis reveals XRP trading within an ascending channel on the monthly timeframe, with the price having reached a key support zone of around $0.50. The technical pattern also displayed two notable consolidation phases, represented by what technical analysts call “compression zones” or sideways trading ranges. These zones typically precede significant price movements according to technical analysis theory.
The lower support line of the channel has acted as a reliable foundation for price rebounds, while the upper resistance line has consistently capped upward movements. This type of price action often suggests accumulation phases, where assets build potential energy for larger moves.
The pattern’s structure further shows a series of higher lows and higher highs within the parallel channel, traditionally interpreted as a bullish signal by technical analysts. Notably, if the projected target of $25 materializes, it would represent an unprecedented 44,900% surge from current levels.
Analyst Cryptoes supported this bullish outlook by highlighting XRP’s position at “MAJOR weekly support levels,” noting that a weekly close at current levels would be a positive signal. According to the pundit, the strong support level around $0.50 suggests potential for upward momentum.
However, not all analysts share this optimistic view. Technical analyst Alan Santana presented a contrasting perspective on TradingView. His analysis, from June 2022’s lows to July 2023’s peak, pointed to significant weakness after XRP broke below the crucial $0.53952 level.
With declining volumes and a pattern of lower highs since July 2023, Santana warned that further drops could be ahead, with the next major support at $0.42848. He noted, however, that bulls could regain control if the price reclaims territory above $0.53952, though currently, the path of least resistance appears to be downward.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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