NewsletterXRP Price Could Explode 88% In December If Bullish Fractal Plays Out
The crypto market is taking a breather after starting the week extremely bullish. Besides Bitcoin, which rallied to $42,500, XRP price emerged top among the best-performing altcoins. The most prominent cross-border money remittance token has upheld support at $0.6, paving the way for further gains toward $1.
XRP Price Prediction: XRP Nurtures Breakout To $1.1
An ascending channel has supported XRP’s recovery since August after the sell-off that followed the rally triggered in July to $0.93 when Ripple partially won against the Securities and Exchange Commission (SEC).
From the weekly chart, XRP has respected the boundaries of the channel, with support along the lower trendline and resistance on the upper trendline. A brief correction is expected from the middle boundary but support on the lower ascending trendline completed the bearish fractal.
A reversal from this trendline would set the bullish fractal in motion resulting in a trend change.
The Relative Strength Index (RSI) in the same time frame reinforces the current bearish outlook. However, it is not the time to shift to shorting XRP as the next rebound could blast the token 88% from the current price of $0.61 to highs at $1.1.
According to the Money Flow Index (MFI), traders are not wasting time worrying about price corrections. Instead, they are focused on filling their bags by buying the dips with a long-term view of XRP price blasting through the psychological hurdle at $1.
The MFI monitors the amount of inflows and outflows in the XRP market. Consistent inflows as is the case at the moment are a bullish signal. Therefore, it would be prudent to prepare for the next rebound and breakout above $1 — a move likely to activate FOMO among investors who want to capitalize on the bull run going into 2024.
A bull flag pattern on the daily chart paints a positive picture for XRP price, with a breakout expected within the week. Bulls must hold onto support provided at $0.6013 by the 50-day Exponential Moving Average (EMA).
Bulls will seal the deal as long as XRP price bounces off the 50-day support and is accentuated by the Moving Average Convergence Divergence (MACD) crossover.
From the chart above, XRP has proven to be a better investment compared to Cardano, up 55% over the last year. On the other hand, ADA has increased by 23% in the same period to trade at $0.4 at the time of writing.
If XRP can sustain the uptrend, targeting $1, investors may consider the token against ADA for their portfolios to maximize the return on investment.
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