XRP Forms A Bullish Pattern In 4-Hour Chart – Analyst Expects $4.20 After Breakout
XRP is currently at a critical juncture, trading at critical levels after breaking its all-time high just eight days ago. Despite the market’s inherent volatility, price action remains strong, fueling optimism among investors and analysts. As the broader crypto market enters a bullish phase, XRP is attracting attention in the next major rally.
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Market sentiment is increasingly positive, with analysts predicting a dramatic shift in price discovery. Among them, cryptocurrency expert Carl Ununefelt shared an interesting technical analysis on X, highlighting a bullish setup for XRP. According to Runefelt, the price has formed a bullish pentagram pattern on the 4-hour timeframe, which is a classic indicator of a potential upward continuation. This pattern suggests that XRP is consolidating ahead of a major breakout that could push the price into uncharted territory.
As excitement builds, investors are watching closely to see if XRP can maintain its momentum and take advantage of bullish market conditions. A bullish breakout on The Blulish Tennant could confirm XRP’s trajectory towards new milestones, reinforcing its position as one of the market’s most dynamic assets.
XRP is about to enter price discovery
XRP is about to enter price discovery as the broader crypto market signals rally bullishly. After a strong pump in early November, XRP price action remains resilient, creating optimism for substantial growth in the coming months. As the market flirts with a decisive phase, XRP continues to emerge as the top contender for life-changing returns for investors and businesspeople.
Renowned crypto analyst Carlunefelt Insightful technical analysis shared on Xhighlighting a bullish setup for XRP. According to Runefelt, the price has formed a bullish pentagram pattern on the 4-hour timeframe, which is a classic indicator of a potential upward continuation. Based on this setup, Runefelt targets $4.20 over the next few weeks, in line with stronger expectations for a market-wide rally.
The bullish pennant suggests that XRP is consolidating ahead of the next big move. If the pattern holds, a breakout could push XRP into uncharted territory, confirming its position as a leading asset in this market cycle.
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As the market develops for a potential explosive phase, XRP is well-positioned to capitalize on this momentum. XRP has the potential to deliver massive returns thanks to its strong price action and favorable technical setup. Investors and traders are watching closely as XRP prepares for its next move, which could be a critical rally.
Price tests critical level
XRP is currently trading at $3.19 after rising to its previous all-time high last week. Recent price action highlights XRP’s strength as it continues to attract investor interest during this bullish phase. However, the asset has entered a brief consolidation phase that may prepare it for its next move.
For the bulls to maintain momentum and sustain the uptrend, a retracement of the resistance level of $3.25 is crucial. Exceeding this mark could reignite buying pressure and pave the way for new all-time highs. Achieving this goal would strengthen the bullish structure and solidify XRP’s position as one of the market’s best assets.
Conversely, it is equally important to hold the $3.05 support level to confirm the ongoing trend. This level has emerged as a key defensive line, and a breakdown below could indicate weakness that could lead to a deeper correction and a test of lower demand areas.
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As XRP consolidates, investors are closely monitoring these key levels. A break above $3.25 or a strong defense of $3.05 would provide a clearer direction for XRP’s next move. The days ahead will be key in determining whether XRP can maintain its bullish momentum or face temporary headwinds.
Featured Image from DALL-E, Chart from TradingView
