Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

The XRP price has seen a strong uptrend in recent days, demanding attention from investors and analysts alike. According to crypto analyst Dark Defender, XRP has surpassed the short-term price target of $0.66, a bullish signal for the digital asset’s trajectory.

“We set $0.66 as a very short-term target, and now it’s broken in the 4-hour time frame. Congrats, who believed in it,” tweeted Dark Defender.

The Next Near-Term XRP Price Target

The analyst highlights the necessity for XRP to maintain its stance above this level to confirm its bullish trend. “We need to stay above this level today as well. The daily time frame indicates we are oversold, so there might be back-tests to $0.66 daily,” Dark Defender added, hinting that a corrective move could be imminent.

Remarkably, Dark Defender’s not solely confined to daily movements; the analyst provided a comprehensive bullish outlook across various time frames. “Daily Time Frame, Bullish; Weekly Time Frame, Bullish; Monthly Time Frame Bullish,” stated Dark Defender, reaffirming a strong uptrend sentiment after several months of anticipation.

In terms of future price predictions, the crypto specialist sees a 270% rally to $1.88 as the next short-term target, but not before a crucial condition is met: “We must observe XRP close above $0.6649 first, a prerequisite for a crucial Fibonacci Level of $1.88.”

Fibonacci levels are often used in trading to identify potential levels of support and resistance, and the $1.88 mark is highlighted as a significant Fibonacci level equivalent in strength to the $0.66 threshold. On the way up, Dark Defender sets $1.05 and $1.33 as further targets, although these are considered less challenging than the $0.66 level.

Long-Term Price Targets

The realignment of focus will shift to $5.8563 once the $1.8815 level is breached. “Whenever I see $1.8815 is broken, then we can set $5.8563” as the next target, the analyst explains, setting an ambitious but calculated path for XRP’s potential growth.

XRP price analysis

The chart shared by Dark Defender showcases the XRP price targets, illustrating a well-defined Elliott Wave pattern, a technical analysis tool that predicts future price movements by identifying crowd psychology that manifests in waves. This method hinges on the notion that market prices unfold in specific patterns, which Dark Defender has applied to the XRP price chart.

The chart indicates that XRP is currently in an Elliott Wave pattern, a structure that consists of impulse and corrective waves. The impulse waves, labeled as 1, 3, and 5, move in the direction of the trend, while the corrective waves, labeled 2 and 4, move against it. Dark Defender’s analysis suggests that XRP completed its wave 1 and wave 2, with wave 1 characterized by a sharp increase in price and wave 2 marking a retracement.

Wave 3, which is often the longest and most dynamic, has targets set by the analyst using Fibonacci extension levels. This is where we see the recent break above $0.66, marking the potential start of wave 3. The 1.618 Fibonacci extension level provides the next target for this wave at $1.88. However, Dark Defender’s ultimate target for wave 3 is above the 2.618 Fibonacci extension level at $5.88.

As for wave 4, Dark Defender expects a slight corrective wave, which will likely see the price retrace from the highs of wave 3, but not below $3.5. Finally, wave 5 is anticipated to push the price up again, completing the Elliott Wave cycle. If the prediction of the analyst holds true, the XRP price sets a bold long-term target of $18.22 for the completion of wave 5, which would represent a substantial increase of more than 2,500% from the current levels.

At press time, XRP trade at $0.6933.

XRP price

Chainlink Enters Bull Territory, Signals Long-Term Uptrend — Crypto Expert

Chainlink (LINK) has been a topic of significant discussion among cryptocurrency enthusiasts lately, particularly after the insights shared by the pseudonymous analyst Rekt Capital on the social media platform X. 

Rekt Capital’s recent statement about Chainlink’s shift into the bull territory following an extended period of sideways movement has captured the attention of market observers. 

According to the information provided, the current price of Chainlink stands at $12.86, experiencing a noteworthy 24-hour rally of 5.6% and a seven-day surge of 11.4%. Rekt Capital’s proclamation that “the macro downtrend is over” has sparked optimism among investors, pointing towards a potentially promising future for the cryptocurrency.

One of the key indicators supporting Rekt Capital’s analysis is the notable increase in the number of Chainlink wallets containing a minimum of 1,000 LINK tokens.

The data indicates a substantial surge in the total count of such wallets, marking an all-time high of 27,152. This surge in wallet activity hints at a growing interest in Chainlink, potentially contributing to the cryptocurrency’s recent upward momentum.

Chainlink Price Surge And Technical Analysis

A closer examination of the TradingView chart further reinforces the bullish sentiment surrounding Chainlink. The technical analysis chart highlights a remarkable upward trajectory, showcasing Chainlink’s ascent above both the 50-day and 200-day moving averages.

This development serves as a robust signal for the continuation of the current bullish trend. Notably, the fanning out of the moving averages underscores the strength of the ongoing uptrend, instilling further confidence in the cryptocurrency’s performance.

Investors and traders are taking note of these developments, expressing their growing confidence in Chainlink’s potential. The cryptocurrency community’s response to Rekt Capital’s assessment has been largely positive, with many anticipating a sustained upward trajectory for Chainlink in the foreseeable future.

Market sentiment appears to be shifting in favor of Chainlink, with an increasing number of participants viewing it as a lucrative investment option amidst the dynamic landscape of the cryptocurrency market.

The Broader Altcoin Market Outlook

Industry experts are closely monitoring the broader altcoin market, with Rekt Capital’s assertion regarding the breakout from the year-long market structure serving as a point of interest.

This shift in market dynamics has garnered attention, prompting further analysis of the potential implications for altcoins beyond Chainlink. The acknowledgment of a new macro uptrend signals a potentially optimistic outlook for altcoins, hinting at the possibility of a more vibrant and dynamic market environment in the coming months.

In light of these recent developments, investors and analysts alike are advised to exercise caution and conduct thorough research before making any investment decisions. While the current market conditions appear favorable for Chainlink, the cryptocurrency landscape remains inherently volatile, necessitating a cautious approach to investment strategies. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

XRP Price Prediction – Bulls Take Breather But Rally Seems Far From Over

XRP price rallied over 20% and climbed above $0.70 against the US Dollar. The price is correcting gains but the bulls might again be active near $0.650.

  • XRP started a strong increase above the $0.680 resistance.
  • The price is now trading above $0.685 and the 100 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair might correct further lower, but the bulls could remain active near $0.6500.

XRP Price Starts Fresh Rally

After starting a decent increase from the $0.532 zone, XRP gained bullish momentum. There was a strong move above the $0.580 and $0.585 resistance levels. It even outperformed Bitcoin and Ethereum.

The bulls even pumped above the $0.650 resistance zone. Finally, a new multi-week high was formed near $0.7329 and the price recently started a downside correction. There was a move below the $0.620 level. The price even declined below the 23.6% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.

XRP is now trading above $0.665 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.

On the upside, immediate resistance is near the $0.695 level. The first major resistance is $0.700. A close above the $0.700 level could send the price toward the $0.728 resistance.

XRP Price Prediction

Source: XRPUSD on TradingView.com

If the bulls remain in action above the $0.728 resistance level, there could be a rally toward the $0.750 resistance. Any more gains might send XRP toward the $0.785 resistance.

Are Dips Limited?

If XRP fails to clear the $0.700 resistance zone, it could continue to move down. Initial support on the downside is near the $0.660 zone and the trend line.

The next major support is at $0.650. If there is a downside break and a close below the $0.650 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.620 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.660, $0.650, and $0.620.

Major Resistance Levels – $0.700, $0.728, and $0.750.

Ethereum Price Hesitates But A Bull-Run To $2,000 Seems Likely

Ethereum price is slowly moving up toward the $2,000 resistance against the US dollar. ETH is in a better positive for a decent upward move than Bitcoin.

  • Ethereum is still attempting to move toward the $2,000 level.
  • The price is trading above $1,850 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move higher above the $1,920 and $1,950 levels.

Ethereum Price Remains Supported

Ethereum formed a support base and slowly moved higher above the $1,850 resistance zone. ETH even broke the $1,880 level and spiked toward the $1,920 resistance, unlike Bitcoin.

The price traded as high as $1,915 and is currently consolidating gains. There was a minor downside correction below the $1,900 level. The price dipped below the 50% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.

However, the bulls are protecting more downsides below $1,880. They are protecting the 61.8% Fib retracement level of the upward move from the $1,858 swing low to the $1,915 high.

Ethereum is now trading above $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,900 level. The first major resistance sits at $1,920. If ETH surpasses the $1,920 resistance, it could gain bullish momentum and even clear $1,950. In the stated case, the price could drift toward the $2,000 barrier. The next key resistance is near $2,050, above which the price could accelerate higher toward the $2,120 level.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,880 level or the trend line.

The next key support is $1,860 or the 100 hourly SMA. The main support sits at $1,850. A downside break below the $1,850 support might spark bearish moves. In the stated case, Ether could drop toward the $1,750 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,850

Major Resistance Level – $1,920

Bitcoin Price Consolidates Above $34K: What Could Trigger A Fresh Rally?

Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.

  • Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
  • The price is trading near $34,850 and the 100 hourly Simple moving average.
  • There is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $35,350 resistance.

Bitcoin Price Stuck In Range

Bitcoin price remained in a range above the $34,000 support zone. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.

The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.

Bitcoin is now trading near $34,850 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.

On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance could be $35,350, above which the price could rise toward $36,000. Any more gains might send BTC toward the $36,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $35,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,600 low.

The next major support is near the $34,250 zone and the triangle lower trend line. If there is a move below $34,250, there is a risk of more downsides. In the stated case, the price could even drop below the $34,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $34,600, followed by $34,250.

Major Resistance Levels – $35,000, $35,250, and $35,350.

Altcoins Rally: What’s Next After The Breakout

Altcoins have witnessed a significant surge recently, with their collective market capitalization rising from $575 billion to $615 billion in just a few days – an increase of 7%. This momentum hints at the potential for further growth in the Altcoin sector.

Breakout From Descending Triangle

The Altcoin market capitalization had been trading within a descending triangle pattern since its yearly peak in April. This technical pattern, characterized by a series of lower highs but consistent lows, typically signals a bearish sentiment – suggesting that each rally is met with increasing selling pressure, keeping upward price movements in check.

Related Reading: November Outlook For Bitcoin Price: Another Pump Or Retrace?

However, this past weekend marked a pivotal change. The market capitalization decisively broke through the pattern’s upper resistance line, surging by 7%. Such a breakout from a descending triangle is a bullish pattern, often indicating a reversal of the prior downtrend. With this breakout, the market cap is now eyeing the target set by the initial peak of the pattern, which could mean an additional increase of 7%.

 

The significance of this breakout is further highlighted by the fact that the Altcoin market cap has not only broken through the resistance but also surpassed the previous high set in July. This breach could signal that the market is transitioning from a bear-dominated phase to a bullish one, where buyers are regaining control and pushing the market to new heights.

Bitcoin Decreasing Dominance

Bitcoin’s dominance on the market has recently slipped to 52.50%, down from its annual peak of 54%. This is a normal market fluctuation, considering Bitcoin had been on a ten-week streak of increasing dominance.

Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market

Yet, it’s crucial to note that Bitcoin’s market share has dipped below the pivotal 53% support level. Should Bitcoin fail to reclaim dominance above this support level, we could anticipate a further decrease to the next support at 49%, opening the door for Altcoins to capture a greater portion of the cryptocurrency market cap.

In bear markets, Bitcoin’s dominance tends to increase as the market pulls back, which suggests that if Bitcoin manages to hold or increase its price, Altcoins could experience further rallies.

 

Conversely, an increase above the 53% support could set Bitcoin out for the next resistance at 58%, at the expense of Altcoins’ market share.

Historically, bull markets often begin with Bitcoin leading the way due to events like the halving event, which reduces the inflow of new Bitcoin.

Nonetheless, there are still phases when Altcoins rapidly gain momentum, experiencing significant and rapid price increases. The current market breakout, along with a reduction in Bitcoin’s dominance, hints that such a phase could potentially unfold now.

Top Altcoins Gains

In the past week, many Altcoins have witnessed remarkable gains. Here are the top performers:

  • Pancake Swap: +95%
  • Trust Wallet Token: +53%
  • Neo: +48%
  • MultiversX: +46%
  • Blur: +45%

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.