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<p>Prominent crypto trader Captain Faibik has <a href="https://twitter.com/CryptoFaibik/status/1749669885968552320" target="_blank" rel="noreferrer noopener nofollow">reiterated</a> his bullish outlook on XRP, stating that the altcoin “will Bounce Back Very soon &amp; hit the New All time High in Q2.” However, the price action shows XRP facing a critical juncture after breaking below its 200-day moving average.</p> 
<p>According to analysis by altFINS, XRP is developing a channel-down pattern on the daily timeframe. This points to a developing downtrend as XRP recently broke below its 200-day simple moving average, a widely followed indicator of the overall long-term trend.</p> 
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<p>altFINS notes:</p> 
<blockquote class="wp-block-quote"> 
 <p><em>“Price is trading in a a Channel Down pattern and broke below 200-day moving average, which is negative. We wait for price to breakout out of the Channel Down pattern to signal resumption of Uptrend.”</em></p> 
</blockquote> 
<p>If <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank">XRP</a> can close back above its 200-day MA, currently around $0.60, it would suggest bullish momentum is returning. In that scenario, upside targets are the $0.68 level (the September 2022 peak), followed by $0.92, which marks the high from July’s parabolic surge.</p>  
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<p>However, failure to recover above its 200-day MA keeps XRP vulnerable. The channel down suggests potential for a drop towards channel support around $0.45. And losing $0.50 support (the prior swing low) would risk accelerating bearish momentum.</p> 
<p>So in summary, Captain Faibik may prove prescient with his forecast of new all-time highs this quarter. But in the near term, XRP is facing a precarious technical position after violating its 200-day MA. Bulls need to reclaim this key long-term moving average to signal that medium-term upside can continue. Otherwise, XRP may see deeper declines before any sustainable bounce materializes.</p> 
<p>You may also be interested in:</p> 
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 <li><a href="https://captainaltcoin.com/xrp-ripe-for-a-bounce-back-after-this-indicator-issues-a-buy-signal-for-ripple/" target="_blank" rel="noreferrer noopener">XRP Ripe for a Bounce Back After This Indicator Issues a “Buy” Signal for Ripple</a></li> 
 <li><a href="https://captainaltcoin.com/bitcoin-correction-is-not-over-yet-analyst-says-btc-could-hit-120000-if-this-happens/" target="_blank" rel="noreferrer noopener">Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens</a></li> 
 <li><a href="https://captainaltcoin.com/manta-network-manta-ondo-ondo-option2trade-o2t-gear-up-for-2024-bullrun/" target="_blank" rel="noreferrer noopener">Manta Network (MANTA), ONDO (ONDO) &amp; Option2Trade (O2T) Gear Up for 2024 Bullrun</a></li> 
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<p>The post <a href="https://captainaltcoin.com/analyst-predicts-when-ripple-xrp-will-soon-bounce-back-and-reach-new-all-time-highs/">Analyst Predicts When Ripple (XRP) Will Soon Bounce Back and Reach New All-Time Highs</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Analyst Predicts When Ripple (XRP) Will Soon Bounce Back and Reach New All-Time Highs

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