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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

XRP Dominance Reveals Start Of Next Parabolic Price Move

Jake Simmons
Jake Simmons
1 year ago
2 mins read
XRP price next parabolic move

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Crypto analyst Jaydee recently took to X (formerly Twitter), sharing another intriguing chart of XRP. The analyst presented the 2-month XRP dominance chart spanning from 2014 till today, shedding light on the cryptocurrency’s historical and potential future price actions. This examination brings to focus a falling trend line and a horizontal resistance line, which showcases a critical XRP dominance level at 2.62% that could be key for the price’s next parabolic move.

XRP Dominance Sits Just Below Key Level

Delving into the historical performance, the chart showcases moments when the token experienced rapid increases and furious drops in terms of crypto market dominance. There was a period where XRP underwent a staggering 39x price jump, reaching $0.39 in just 56 days in 2017. Shortly after, another surge saw the digital asset climb 17x within 28 days, marking its value at $3.31.

XRP Dominance, 2-month chart
XRP dominance, 2-month chart | Source: X @jaydee_757

Both times, the dominance was rejected at the yellow 5.5-year trend line. This resistance line has consistently acted as a major barrier to XRP’s dominance in the crypto market. Every approach or touch of this line led to significant price actions toward the downside.

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Remarkably, the cryptocurrency’s price experienced a similar situation from 2015 to 2017 when the dominance was also held below a falling trend line for more than two years. However, the breakout of this trend signaled a massive price surge as XRP dominance rose from merely 1% to above 30% in just four months in 2017.

Fast-forward to today, the cryptocurrency could be in a similar situation as in 2017. It has breached the trend and is moving beyond the red trend line. However, instead of an instant surge as in 2017, XRP’s dominance now contends with the pivotal 2.62% mark.

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According to the analyst’s chart, it’s currently at 2.55%, narrowly missing the critical level. Notably, over the past 14 months, dominance hasn’t achieved a close above 2.62% on the bi-monthly chart. However, if it does surpass this threshold, it might signal the onset of the next parabolic ascent, as outlined by Jaydee.

Currently hitting the yellow resistance line. If we can have a full 2-month candle close above the yellow resistance line, expect the next parabolic move! Is 2024 the year?

Weekly Chart: When ‘Moon’?

Jaydee shared another chart on X (formerly Twitter) today, stating with regards to the weekly XRP/USD chart: “Still creating higher high (HH) in Price while lower low (LL) in RSI and SRSI on the WEEKLY, while bouncing off the 2-year trend line.” From this, he discerns three key takeaways before XRP can “moon.”

First, the cryptocurrency needs to gather momentum. He suggests that it needs to break past the $0.54 mark, at least on the daily chart. Second, the Stochastic RSI (SRSI) for the weekly timeframe should cross the 20-level, indicating potential for a bullish move. Lastly, the most important point in Jaydee’s analysis is the yellow 6-year trendline. For XRP to witness a parabolic move, breaking this trendline is imperative.

XRP USD chart
XRP/USD weekly chart | Source: X @jaydee_757

At press time, XRP traded at 0.5198.

XRP price
XRP rises above the 200D EMA, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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