XRP, a prominent cryptocurrency, is expected to see a bullish turn in 2024, according to an analyst forecast by Amonyx. Despite recent declines, the technical analysis suggests that XRP is poised for significant gains against the US dollar and Bitcoin.
The analysis focuses on XRP’s long-term price trends, specifically within an ascending channel established in 2014. Key Fibonacci retracement levels are identified as potential points of resistance and support. The analysis predicts a bullish surge towards the 2.618 Fibonacci level by 2024, indicating a potential uptick in XRP’s value.
Similarly, a detailed examination of the XRP/BTC chart reveals a persistent descending trendline. Observations of bullish and bearish divergences on momentum indicators suggest upcoming price movements. The projected path on the XRP/BTC chart aligns with the bullish sentiments from the XRP/USD analysis.
This convergence in analysis across different currency pairs strengthens the case for XRP’s growth potential relative to the US dollar and Bitcoin.
Currently, XRP’s price stands at $0.49, showing a slight recovery after a recent decline. Insights from CryptoQuant indicate an increase in XRP’s Open Interest, reflecting growing trader interest and aligning with the projected price increase.
Santiment suggests that XRP’s current market conditions and 30-day Market Value to Realized Value (MVRV) ratio of -3.5% categorize it as mildly bullish. Lower MVRV ratios suggest a higher likelihood of a short-term bounce in cryptocurrency prices.
Overall, with the technical indicators and market conditions showing positive signals, XRP’s roadmap to success appears promising for a strong bullish turn in 2024.