Based on the price chart of XRP, the crypto analytics company believes that the token is preparing for a price increase in the second half of 2024.
Cryptocurrency analysis company Amonyx published a technical review of price of XRP and provides a potential bullish prediction for the token against both the US dollar (USD) and Bitcoin (BTC) over the coming year.
Only those who are patients will see this in #XRP. 👀 pic.twitter.com/C8fvnCZU3R
— Amonyx (@amonbuy) June 18, 2024
XRP/USD chart shows a long-term ascending channel that has been in place since 2014. This trend shows that XRP has been oscillating continuously within its upper and lower parallel lines.
Key Fibonacci retracement levels such as 0.618, 0.786, 1.618 and 2.618 are highlighted, which serve as important predictors in identifying future support and resistance zones.
Additionally, the chart hints at future predictions, showing a potential bullish trend towards the 2.618 Fibonacci level. This shows the price XRP could peak in the second half of 2024.
Also, based on XRP/BTC chart we can see the expected path in blue indicating a potential uptrend towards the 1.618 Fibonacci level. This is in line with the previous prediction on the XRP/USD chart, and we can look forward to it Significant upside potential for XRP alongside BTC in the second half of 2024.
At the time of writing, XRP showed a notable growth of 2.7% over the past 24 hours and is trading for 0.4932 USD. Additionally, the market capitalization of the seventh-ranked asset has now reached $27.4 billion.
Will XRP break the $0.50 price mark this weekend?
