2024

United

Bitcoin

Despite its recent decline, XRP, one of the largest cryptocurrencies by market cap, now holds the potential for substantial gains. Particularly, according to a recent technical <a href="https://x.com/amonbuy/status/1803162161000153122" target="_blank" rel="noopener nofollow">analysis</a> by Amonyx, XRP is poised for a <a href="https://www.newsbtc.com/xrp-news/xrp-monumental-rally-analyst-extremely-rare-signal/" target="_blank" rel="noopener ">bullish run</a> against both the United States dollar and Bitcoin throughout 2024. 
This optimism is grounded in several key technical indicators and historical price actions, suggesting that XRP might soon experience <a href="https://www.newsbtc.com/xrp-news/xrp-dogecoin-shiba-inu-negative-sentiment-buy/" target="_blank" rel="noopener ">notable price movements</a>. 
<h2 id="technical-forecast-xrp-path-in-2024">Technical Forecast: XRP Path In 2024</h2> 
Amonyx’s technical assessment focuses on the long-term price trends of XRP, particularly its performance within an ascending channel established in 2014. The XRP/USD pair analysis points to consistent behavior within this channel, bounded by its <a href="https://www.newsbtc.com/analysis/xrp/xrp-enters-triangle-formation-200/" target="_blank" rel="noopener ">upper and lower trendlines</a>. 
Key Fibonacci retracement levels identified at 0.618, 0.786, 1.618, and 2.618 are seen as potential resistance and support zones. The analysis highlights these zones as pivotal areas where price reversals or consolidation might occur. 
<img loading="lazy" decoding="async" class="wp-image-625479 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=860&amp;resize=860%2C426" alt="XRP/USD chart analysis by Amonyx" width="860" height="426" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=1568 1568w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=860&amp;resize=860%2C426 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.12.23.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Moreover, the analyst projects a bullish surge toward the 2.618 Fibonacci level by 2024, suggesting that investors might witness a significant uptick in XRP’s value. 
This ‘flip zone’ the analyst wrote on the chart at the upper end of the trend provides a theoretical point for the asset to consolidate or reverse, indicating critical trading opportunities. 
Turning to the XRP/BTC chart, a similar detailed examination reveals a persistent descending trendline starting from the same base year, 2014. 
<img loading="lazy" decoding="async" class="wp-image-625480 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=860&amp;resize=860%2C428" alt="XRP/BTC chart analysis by Amonyx" width="860" height="428" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=1562 1562w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=860&amp;resize=860%2C428 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot-2024-06-19-at-16.14.14.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
This trendline has been a resistance point for XRP, with the price nearing another test of this boundary. The analysis includes observations of bullish and bearish divergences on momentum indicators such as the Relative Strength Index (RSI), suggesting potential for upcoming price movements. 
The projected path on the XRP/BTC chart envisions a bullish trajectory for the 1.618 Fibonacci level, corroborating the bullish sentiments from the XRP/USD analysis. 
This convergence in analysis across different currency pairs further strengthens the case for XRP’s growth potential relative to both the dollar and Bitcoin. 
<h2 id="current-market-position-and-outlook">Current Market Position and Outlook</h2> 
Despite these optimistic projections, XRP’s price currently trades at $0.49, having recovered slightly by 1% after a <a href="https://www.newsbtc.com/analysis/xrp/ripple-xrp-range-bound-0-50/" target="_blank" rel="noopener ">nearly 10% decline</a> over the past two weeks. 
This recovery could be the onset of the anticipated bullish trend. Insights from CryptoQuant <a href="https://cryptoquant.com/insights/quicktake/667140b593c30073780d6722-XRP-in-the-Spotlight?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=woominkyu" target="_blank" rel="noopener nofollow">highlight</a> an increase in XRP’s Open Interest (OI), particularly following developments related to regulatory news involving the SEC. This surge in OI indicates a growing interest from traders, aligning with the expected price increase. 
<img loading="lazy" decoding="async" src="https://i0.wp.com/img.cryptoquant.com/64430/quicktake/xkYeCbV_8b383a4d7df8b2a306a5f9b97fe762bc734830da8de7c40a62f1dd09983a4951.png?resize=1280%2C720&amp;ssl=1" alt="XRP open interest." width="1280" height="720" data-recalc-dims="1"> 
Meanwhile, Santiment has recently suggested that XRP’s current market conditions and a 30-day Market Value to Realized Value (MVRV) ratio of -3.5% place it in a mildly <a href="https://www.newsbtc.com/analysis/xrp/xrp-bulls-flex-muscles-0-4950/" target="_blank" rel="noopener ">bullish category</a>. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f402.png" alt="🐂" class="wp-smiley" style="height: 1em; max-height: 1em;"> The lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce: 
 Bitcoin: -4.0% (Mild Bullish) Ethereum: -4.3% (Mild Bullish) XRP: -3.5% (Mild Bullish) Dogecoin: -16.7% (Very Bullish) Toncoin: -0.6% (Neutral) Cardano: -12.6% (Very Bullish) <a href="https://t.co/zHGg4t3qo1" target="_blank" rel="noopener nofollow">pic.twitter.com/zHGg4t3qo1</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1803245084177211724?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">June 19, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

XRP’s Roadmap To Success: Analyst Forecast A Strong Bullish Turn In 2024

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