LONDON (IT BOLTWISE) – The cryptocurrency XRP may be on the verge of a significant price jump. One analyst describes the current market situation as “explosive” and points to technical patterns that indicate an impending price rally.
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The cryptocurrency XRP could be on the verge of a significant price jump, according to an analyst report. Market analyst Mikybull has published a technical analysis that points to an ‘explosive’ setup. XRP is in a tight bullish structure that suggests an impending price increase. This assessment is based on a three-week chart that suggests the correction phase may be ending.
Mikybull highlights an ABC correction pattern that is nearing completion. XRP is currently hovering around the $2.50 level, just above a long-term moving average that has served as support in previous cycles. On its chart, the 1.00 Fibonacci level is anchored at $1.94, while the 1.272 extension is at $3.25. The next major upside target, the 1.618 extension, is marked at around $6.28. A break above $3.25 could pave the way towards $6.28 and possibly beyond.
The analyst describes the setup as “explosive,” citing how much the price has been squeezed into a tight range. Previous patterns of a similar nature have led to rapid price increases, and this is exactly the parallel he draws in his analysis. He also points out that a push into double digits could follow if a decisive breakout is achieved, although that would require several big moves.
Bitcoin’s recent strength is used as context for the fall of altcoins. Bitcoin reportedly hit a high of $125,725 on October 5th after recovering from a low near $108,650 on September 25th. Between September 25th and October 5th there were seven green days out of nine. A market commentator writing under the name Nathaniel Rothschild suggests that if this Bitcoin peak was a true peak, some altcoins, including XRP, could test their own highs within about three weeks.
Market sentiment towards XRP has been weak recently, with the token down around 14% over the past seven days. This development has made some owners cautious. Technical analysis relies largely on pattern recognition and Fibonacci mathematics, rather than fresh on-chain data or new adoption news. Price movement and trading volume will be the true indicator. Predictions associated with Bitcoin’s path are time-sensitive and could miss the mark if broader crypto flows change.
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