Ripple (XRP) Can ‘Make History’ if It Surpasses This Crucial Resistance Zone (Analyst)
2024-11-08

TL;DR
New ATH After This Significant Milestone?
The cryptocurrency market has experienced another bullish wave in the past 24 hours, with many leading assets pumping hard. Bitcoin (BTC)reacheda new all-time high of almost $77,000, Cardano (ADA)witnesseda price increase of nearly 20%, while Ethereum (ETH) is inching toward $3,000.
Contrary to that, Ripple’s XRP is once again among those charting little-to-no gains. It currently trades at approximately $0.55, the same level witnessed on November 7.
Despite its underperformance (compared to the rest of the market), numerous analysts remain optimistic that it might soon join the party. The popular X user Dark Defender claimed XRP “bounced back from our blue support level and touched the Ichimoku Weekly Clouds.” The trader also assumed that the asset’s weekly RSI (Relative Strength Index) was about to signal a golden cross.
Having that said, they set $0.6649 as a crucial resistance mark, after which XRP could explode to $1.88 and then an all-time high of $5.85.
Other bullish opinions came from Mikybull Crypto and Ben Armstrong (better known as “BitBoy”). The former predicted an incoming “huge acceleration” for XRP’s price, similar to what was observed after the previous US presidential elections. Recall that Donald Trump won the most recent (held earlier this week) and will officially become America’s 47th President in January next year.
“BitBoy” argued that firing the US SEC’s Chairman Gary Gensler (as Trump previously promised) could make XRP the best-performing cryptocurrency from the top 100 club.
The regulator and its leader have been at war with multiple crypto firms, including Ripple. It is safe to assume that the XRP army will cheer Gensler’s change with someone more open to innovation and less inclined to hamper the industry’s development through constant court battles. We have yet to see whether Trump will stick to his crypto promises.Surpassing $1 for Good Under This Condition
Another industry participant who gave their two cents on the matter was the X user EGRAG CRYPTO. The analyst maintained that XRP’s value has been tracing the so-called “just do it” pattern (resembling Nike’s logo). The trader speculated that this trend could push the price to $1.60 in the future.
EGRAG CRYPTO also suggested that “a solid weekly close above $1.10 and confirm it as strong support” could mean that XRP may “say goodbye” to $1 for good.