CandleFocus Expert Predicts XRP Bottom 31 Weeks After Bitcoin Halving, Targeting $26 on Recovery
2024-10-31
Author: Content Editor
A crypto market analyst suggests that XRP could reach a new high of $26 based on historical patterns observed around Bitcoin's halving cycles. The analysis shows that XRP typically hits its lowest point 31 weeks after a Bitcoin halving, at which point Bitcoin dominance reaches a peak and XRP starts an upward trend. The analyst expects this pattern to play out again after the most recent Bitcoin halving in April 2024, potentially leading to a massive uptrend for XRP. XRP's immediate price outlook shows that it has been forming higher lows since July 2024, indicating resilience. Currently, XRP is trading slightly below its 20-day moving average, and breaking past this level could provide further bullish momentum. The resistance level of $0.6 is seen as a launchpad for a stronger rally, while support is present at the lower Bollinger Band around $0.4434. The directional movement index suggests a lack of clear trend direction and low trend strength.
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