XRP It has been showing considerable strength for some time, establishing itself as one of the best-performing cryptocurrency assets by market capitalization after surging to its highest level since November.
XRP Benefits from April Rally
The cryptocurrency community is abuzz. XRP’s recent price surge Some analysts predicted the surge would be the start of an eagerly anticipated rally. The week got off to a good start, rising 50% from $0.50 on Monday March 11 to a weekly high of $0.75.
Dark Defender, a cryptocurrency analyst and trader, shared The X (formerly Twitter) community featured his latest bullish prediction for XRP. The Dark Defender highlighted that the cryptocurrency asset “broke out” from strong resistance on Tuesday, as he expected.
XRP to occur It comes from a symmetrical triangle that lasted six years. This indicates a sideways phase in which the price moves between the lower support line and the upper resistance line.
According to analysts, the monthly period clearly shows that the much-anticipated movement has begun. Additionally, the daily timeframe “confirms that the massive $0.6649 resistance level has been broken.”
He also added that “$0.6649 is likely to be confirmed during the weekly and monthly time frames.” As a result, the Dark Defender emphasized that his target is now “closer to intermediate resistance around $1.33.” Meanwhile, he set “Fibonacci price targets of $1.88 and $5.85 for the next few weeks.”
Here is the post:
As we expected, XRP broke out yesterday. It is clear that a movement has started on the monthly time frame and the massive resistance at $0.6649 has been confirmed to have been broken on the daily. This checks out to $0.6649 for weekly and monthly frames. Our target is now closer to the $1.33 intermediate resistance, and the $1.88 and $5.85 Fibonacci targets for the coming weeks.
As a result, the expert urged the community to watch out for a “strong strike” next week. He also mentioned that “April will be hot,” suggesting a significant upward trend throughout the month.
The digital asset is currently showing increasing strength at $0.6897, which represents a weekly increase of over 12%. However, in the last 24 hours, its market capitalization and trading volume have decreased by 1.58% and 57%, respectively.
The asset does not belong in your portfolio
Despite XRP’s recent rise, cryptocurrency expert Jason Pizzino argued that investing in the token may not be a wise move. Jason Ficino is issued We warn our community to never consider adding XRP to your portfolio.
He argues that even if it were to climb this cycle, the corresponding value would still “be up more than 2600%.” Bitcoin“We achieved 500% in the previous cycle and are now just 30% away from breaking the SEC litigation low,” he added.
Pizzino believes the biggest advantage of influencers discussing XRP is that there is still a “large interested audience” who wants to know about the project and “a bullish price project that never appears.”
Featured image from iStock, chart from Tradingview.com
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