One of the most renowned analysts in the industry claims that he is ready to resume his upward trend.
The central theses
- The price campaign of XRP seems to move in a close range.
- A weekly final course outside the bag of $ 1.72 to $ 1.00 determines the direction of the trend.
- The renowned analyst Peter Brandt seems to be bullish while on-chain activity explodes.
XRP could continue his upward trend to new all-time high after breaking through the resistance barrier of USD 1.17.
XRP for new all-time highs.
ripple’s XRP token could be ready to make an upward trend.
According to the 40-year-old commercial veteran Peter Brandt, the price campaign of XRP is "constructive" rules Preserver-Spaces = "True"> Wochen-Chart has formed.
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The sixth largest cryptocurrency after market capitalization shot by massive 230% at the end of March and marked the outbreak of the consolidation pattern. Then XRP returned to the head and shoulder neckline at $ 0.61 to shake out some of the so-called "weak hands".
The prices have recovered from the psychological level of USD 1.00 since July 20, where the asset currently consolidates.
The Fibonacci retracement indicator, measured from high from April 14 from $ 1.96 to the low of June 22 of USD 0.51, indicates that XRP is currently stuck in a tight span. The 61.8 % Fibonacci retracement level at USD 1.17 acts as a resistance, while the 50 % retracement level contains the courses of a steep decline at 1.00 USD.
A decisive weekly candlestick closure above the overhead barrier could signal the resumption of the upward trend. Under such unique circumstances, XRP could enter a new upward trend in order to achieve the goal of the head shoulder pattern at USD 3.42.
Network activity explodes
In view of the increasing number of active addresses in the XRP network, the bullish thesis applies. Around 6,700 addresses interact with the network, which corresponds to an increase of 394% compared to last week.
An increase in the number of active wallets tend to increase prices. Nevertheless, it is absolutely necessary to wait for a continuing candlelight outside the price range of USD 1.72 to 1.00 to determine where XRP is moving next.
Cutting up the resistance could drive this token to new all-time high, while a loss of the underlying support barrier could lead to a correction to $ 0.85 or even USD 0.70.
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