Cryptocurrency markets are bouncing back, with Bitcoin topping $65,000 and the overall crypto market reaching $2.5 trillion. Ripple’s XRP token has also seen a small 4.9% uptick. Meanwhile, respected crypto analyst Captain Faibik has highlighted a possible buying chance for XRP. Faibik believes that this could be the last opportunity to buy before XRP gears up for the expected bull run in 2024-25!
Last Buying Chance For XRP
In a recent tweet post, Captain Faibik suggests that XRP is presenting a last buying opportunity before what could be a bullish run in 2024-25.
According to the Captain Faibik chart analysis, XRP has been trading within a narrowing range, indicating a period of consolidation. This consolidation phase, commonly observed in markets, often comes before significant price swings.
However, a breakout from the consolidation pattern suggests a potential surge in XRP price, projected to reach around $2.20, as indicated by a green rectangle on the chart. With XRP currently trading at $0.54, analysts believe this presents a last opportunity to buy XRP at this price before the anticipated bullish trend takes place.
XRP Technical Analysis
Despite a slight recovery from the March 11 drop to $0.7440, XRP has struggled to surpass the $0.55 resistance level throughout the week, resulting in a 20% decline over the past seven days.
Since these challenges, certain technical indicators suggest a bullish outlook. The Accumulation/distribution (A/D) line, for instance, is trending upward, indicating buying interest even at current low XRP prices. This suggests that traders may be inclined to “buy the dip,” which could potentially ignite a recovery in the XRP price.
XRP To Face Resistance
Meanwhile, if the XRP price successfully closes above the $0.57 level, it could challenge the bearish narrative. However, the XRP may aim for the April 11 local top of $0.6431 in such a scenario. However, before reaching that milestone, XRP must face resistance at $0.5910, which represents the 50% Fibonacci retracement level of the drop from the April 11 peak to the April 13 low of $0.4188.
Additionally, the psychologically significant $0.60 level, which served as support for XRP throughout March, poses another hurdle for the altcoin’s upward trajectory.
