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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

XRP Close Above This Level Could Send Price To $4.80, Analyst Says

Keshav Verma
Keshav Verma
1 day ago
2 mins read
XRP

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A cryptocurrency analyst has explained how an XRP close above this level could trigger a run to $4.80, based on a technical analysis pattern.

XRP Could See A Surge To New Highs If It Manages This Weekly Close

In a new post on X, analyst Ali Martinez has cited a technical analysis (TA) pattern to talk about where XRP can go next. The pattern in question is a Parallel Channel.

Parallel Channels form whenever an asset’s price observes consolidation between two parallel trendlines. The upper line of the pattern is likely to be a source of resistance, while the lower one that of support. A break out of either of these levels can imply a continuation of trend in that direction.

There can be different types of Parallel Channels, depending on how the trendlines are oriented with respect to the axes. When they are slopped upwards, the pattern is known as an Ascending Channel. Similarly, them having a negative slope makes the formation a Descending Channel.

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In the context of the current topic, the third and the most ordinary type is of relevance: a Parallel Channel with trendlines parallel to the time-axis. This pattern corresponds to true sideways consolidation in the cryptocurrency.

Below is the chart shared by the analyst that shows the Parallel Channel that the 1-week price of XRP has seemingly been following during the last few months.

XRP Price Chart
Looks like the price of the coin has been approaching the upper line of the channel | Source: @ali_charts on X

As is visible in the graph, the weekly XRP price has observed a sharp surge recently and closed in on the upper level of the Parallel Channel. If the asset’s current trajectory maintains, it could end up making a retest of the upper line situated around $3.

Earlier in the year, the cryptocurrency encountered resistance at the mark, so it’s possible that something similar could occur this time as well. In the event that it is able to surge past the line, however, a bullish breakout might take place.

“A weekly close above $3 could send XRP to a new all-time high of $4.80!” says Martinez. From the current price of the coin, a rally to this target would imply a gain of about 56%.

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It now remains to be seen whether the digital asset will manage to escape out of the Parallel Channel and if it does, whether a bull run of this magnitude would follow.

In some other news, the 1-week price of Ethereum is also heading toward the resistance line of a Parallel Channel, as the analyst has pointed out in another X post.

Ethereum Parallel Channel
The pattern forming in the weekly price of ETH | Source: @ali_charts on X

“A key resistance level ahead for Ethereum $ETH is $3,980,” notes Martinez. “Breaking above it could ignite a major bull rally!”

XRP Price

XRP has seen a fresh 7% surge in the last 24 hours that has taken its price to $3.08.

XRP Price Chart
The asset appears to have been surging in recent days | Source: XRPUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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