Renowned market analyst Ali Charts recently shared his insights while predicting a bullish trajectory for XRP. Known for his market predictions, Ali expects XRP to face a major breakout and potentially rise to a significant price range soon.
Expert Analysis on XRP Movement
Ali Charts recently turned its attention to XRP. In his latest analysis, Ali predicts a promising upside for XRP and expects XRP to break out of a “parallel channel going down.”
This optimistic forecast points to a rapid rise targeting the $0.65-$0.66 range. This analysis is supported by a detailed chart shared by Ali that illustrates a potential breakout pattern that XRP is forming.
This prediction follows its best performance on November 6, when XRP reached $0.72 per token. This is the highest value since late July.
Over the next few weeks, XRP saw a slow decline, with the price falling as low as $0.58 on Wednesday. However, recent chart compositions analyzed by Ali suggest that this trend may be reversing.
#ripple | $XRP It appears to be breaking out of a descending parallel channel, which could lead to a rise towards $0.65 – $0.66. #XRP. pic.twitter.com/gvfeEMKIDX
— Ali (@ali_charts) November 23, 2023
XRP Latest Price Action
Meanwhile, XRP has recently shown signs of a potential reversal in a ‘descending parallel channel’, as pointed out by analyst Ali. Over the past 24 hours, the token has risen 2.9%, rising from yesterday’s low of $0.58 to its current trading price of $0.61 at the time of writing.
This change is consistent with Ali’s prediction of an imminent surge above $0.65, suggesting bullish momentum is developing. Notably, if the token price continues this upward trajectory, Ali’s analysis could be significantly strengthened, setting the stage for the digital asset to revisit and potentially surpass the $0.72 price level.
These developments will confirm the accuracy of Ali’s predictions and inject a new injection of investor confidence in XRP. However, it is important to put these recent achievements in context against the broader picture.
Over the past two weeks, the altcoin has recorded losses of more than 10%, and over the past 7 days it has fallen 2.7%. This overall bearish trend is reflected in trading volume, which has decreased noticeably.
Specifically, XRP’s daily trading volume has decreased from a peak of approximately $2.4 billion earlier this month to approximately $1.1 billion over the past 24 hours. This decline in trading activity may signal a cautious approach by investors, waiting for clearer signals about market direction before making further investments, or may indicate regular trading activity for the asset.
Featured image by Unsplash, chart by TradingView