XRP’s Bull Run Just Beginning: Insights from Trading Expert
XRP is on the rise after a recent rally driven by significant events such as Donald Trump’s re-election and SEC Chair Gary Gensler’s resignation. Despite some ups and downs over the weekend, experts believe XRP is firmly in a bullish trend.
Trading analyst Alan Santana pointed out in a recent analysis that XRP’s monthly chart is showing some of its strongest performance since November 2020. This indicates a potential shift towards a prolonged bull market. While December 2020 saw sharp corrections for XRP, the current market dynamics suggest a more stable upward trend for 2024.
Technical analysis shows that key support levels for XRP are at $1.32, $1.12, and $0.92, with $1.32 being crucial for the current rally. As long as XRP remains above this level, its outlook remains positive. High trading volume and holding above key levels indicate strong market participation and support the bullish sentiment.
Experts suggest that any price dips for XRP should be seen as short-term corrections and opportunities to buy. These retracements are expected to strengthen positions for XRP holders. Additional analysis by trading expert DarkDefender indicates that XRP’s rally is not yet over and could see further growth.
Recent whale activity and news of an XRP ETF filing have also contributed to positive sentiment around XRP. While the token has seen some price fluctuations, it remains well-positioned to maintain its bullish momentum in the coming weeks, especially if Bitcoin continues its upward trend.
