XRP (XRP) recorded its highest weekly candle close in years at $2.60. It was also the first high-top high-top since January 2018, about 7 years ago.
XRP 1 week chart. Source: Cointelegraph/TradingView
With the altcoin’s monthly chart showing multiple months of breakouts above the key resistance level of $2, one market analyst has a positive opinion about the token’s market structure.
XRP’s charts are the “most powerful charts.”
Renowned veteran trader Peter Brandt said in an X post that XRP currently has “the strongest charts in all of the cryptocurrency world.” Charting the token’s weekly market cap, Brandt highlighted XRP’s strong breakout of its multi-month symmetrical triangle pattern, with its value close to its all-time high of $3.40.
XRP 1-week chart analysis by Peter Brandt. Source: X.com
Brandt’s comments indicated that traders expect further upside for altcoins as the market structure clearly indicates bullish momentum and strength for crypto assets.
In the near term, Dom, an independent trader, said $2.67 is “the most important reversal level” for a continuation of the trend.
Dom’s XRP 1-hour analysis. Source: X.com
On the 1-hour chart, the trader explained that tagging $2.60 last week was a positive move, but turning resistance into support is key for the token. said the merchant.
“It’s a nice bounce, but it’s important to note that the ~$2.67 area is the most important level for a reversal. There’s noise below that.”
However, despite the positive turnaround in November, personal finance educator Rajat Soni has a very contrasting outlook on XRP. CFA said in an Soni added it
“If you can’t see this as a scam, then you deserve to be scammed.”
Related: XRP Price Next $5? 3 Charts Suggest Historic Rally Isn’t Over Yet
XRP bullish pennant targets new highs.
From a technical perspective, the 4-hour chart of XRP indicates a bullish pattern that has reached the token’s Fibonacci extension level following a previous positive breakout.
XRP 4-hour chart. Source” Cointelegraph/TradingView
As can be seen in the chart, XRP’s 4-hour chart shows a similar bullish pennant to last month, pushing the value of XRP above the key resistance level of $2. The current setup also indicates the same bullish confluence with the price retesting the 50-day EMA level along with retesting the Relative Strength Index (RSI) near its 50 line.
Combining the bullish pattern with the above confirmation, XRP reached the target FIB extension levels of 1.618 and 2.272. Considering a similar breakout occurs in the coming weeks, XRP could hit a new all-time high at $3.80, with an immediate target set based on current expansion levels.
Related: Why Did XRP Price Fall Today?
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.