The post Is $1.96 Within Reach This Week? appeared on BitcoinEthereumNews.com.

The XRP token has experienced an upward trend not seen in years, as its price surged massively, reaching a three-year peak of $1.2654. According to the weekly chart, the token gained 155% from a low of $0.4956, breaking past key resistance levels and invalidating a three-year symmetrical triangle pattern. With such technical milestones in sight, the question arises: Can the XRP cryptocurrency hit the critical $1.96 resistance level this week? Historical Patterns Highlight XRP’s Cyclical Behavior Historically, the XRP cryptocurrency has been consolidating within a symmetrical triangle for nearly three years. This extended period of accumulation, confined by key resistance levels near $0.60 and support near $0.30, set the stage for a powerful breakout. The breakout from the triangle was triggered around $0.60, with the altcoin smashing through key Fibonacci retracement levels. This includes breaking through the 0.618 level at $0.94 and heading toward the 0.786 level at $1.30. The trajectory from here is steeply bullish, with the next key target at $1.96, aligning with historical resistance. This measured move suggests a further 84% gain from its current price. The XRP chart further provides historical context, illustrating the token’s recurring patterns of extended correction phases followed by explosive market rallies. During the first cycle (2013–2017), the token consolidated for 43 months before rallying by 63,080.95% to its all-time high of $3.84. In the second cycle (2018–2020), a 34-month correction phase preceded a 1,049.23% rally. At press time, the cryptocurrency has emerged from another 43-month correction phase, with its recent breakout closely mirroring past cycles. This pattern suggests the cryptocurrency’s price action is historically cyclical and poised for significant upward momentum. XRP’s Technical Metrics Support Continued Price Gains Adding to this analysis, the inclusion of momentum indicators like MACD and RSI reinforces the strength of the altcoin’s breakout. As depicted in…

---

Filed under: News - @ November 17, 2024 5:23 am