XRP has emerged as a standout among the top 100 cryptocurrencies by market cap today, recording a substantial 7% increase in the past 24 hours. This surge in XRP’s price comes amid speculations about a future settlement or solutions in the Ripple-SEC case.
Amid these developments, XRP is dominating discussions on X (formerly Twitter), where a flurry of bullish posts paint a bullish picture for the cryptocurrency. Among the proponents contributing to this positive outlook is crypto analyst Doctor Magic (@Doctor_Magic_), who has shared several different timeframe analyses for XRP.
Short-term outlook for XRP (4-hour chart)
The first graph posted by crypto analyst shows the XRP/USD trading pair on a 4-hour timeframe. The chart highlights the currently most crucial resistance zone (in red) just above the $0.70 mark. This resistance level is critical as Doctor Magic suggests that surpassing it could take XRP to new all-time highs (ATHs).
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However, he warns of possible short-term (LTF) rejections despite higher-term (HTF) indicators looking bullish, advising traders to be cautious about leveraging long positions in this zone. “XRP with heavier resistance, get past this and we’re headed to ATHs. Note that while HTF XRP is based on LTF, this resistance could cause a LTF rejection, wouldn’t go long on leverage here.”
The chart shows a rising trend line that XRP has successfully held, suggesting strong bullish momentum. The focal point is the resistance zone above $0.70, which if breached could lead to higher price levels. The first target could be the price level above $0.90, last seen after Analisa Torres’ summary judgment on July 13 last year.
A crucial element in Doctor Magic’s analysis is the breakout observed in the Relative Strength Index (RSI). The RSI is demonstrating a clear upward violation of its previous trendline, signaling robust momentum. Currently at 67, the RSI is approaching the overbought threshold, which could suggest some high days ahead for XRP price action if the cryptocurrency turns bullish.
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Notably, the $0.70 zone as the main resistance area aligns with the Bollinger Bands Analysis on the monthly chart. XRP has risen above the mid-band with the latest move and is now on the verge of breaking the upper band. “Today we have confirmed the breakout of the monthly RSI. XRP is down 10% to see volatility return, which is at all-time lows, $0.7 is the area to watch,” Doctor Magic explained.
XRP Long-Term Prediction (Weekly Chart)
Regarding the longer deadlines, Doctor Magic believe that it is too early to predict the cycle top price. Via X, he wrote: “Many of you are asking about my target on XRP, the answer is it depends. If I am right and alts lead the next leg, it will be the nail in the coffin for ‘it’s 2017 all over again’ and I will be looking for two tops, the second one will be determined by the first.”
![XRP Hits All-Time High If This Resistance Is Broken: Analyst 1 XRP Price Analysis, Weekly Chart](https://thegurumedia.com/wp-content/uploads/2024/07/GTuyJYMW8AAm8Ua.jpg)
The chart shared by the crypto analyst highlights several key Fibonacci retracement levels derived from XRP’s historical price movements, which could serve as critical points for potential trend reversals or continuations. These include the 0.618 Fibonacci level at approximately $0.91, indicating a moderate resistance point. The 0.786 level sits around $1.61, serving as a stronger psychological and technical barrier.
The breakeven level or Fibonacci level 1 is set at $3.31, which marked the all-time high of April 2021. Furthermore, the analysis extends into the Fibonacci extension territory, with the 1.272 level at around $8.29 and the 1.414 level at approximately $13.37. The most notable and perhaps ambitious target is the 1.618 Fibonacci extension level, which is placed at approximately $26.60.
The analyst concluded: “What I want to say is that it is too early to talk about the final target, I need more data for that and will update when the time comes. For the impatient, my best guess is that we will see double digit XRP and that $26.5 will be marked.”
At the time of writing, XRP was trading at $0.6539.
![XRP Hits All-Time High If This Resistance Is Broken: Analyst 2 XRP Price](https://thegurumedia.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-31_13-06-30.png)
Featured image created with DALL·E, chart from TradingView.com