Renowned market analyst Ali Charts recently shared his insights, predicting a bullish trajectory for XRP. Ali, known for his market predictions, anticipates that XRP is on the brink of a major breakout, potentially escalating to a significant price range shortly.
Expert Analysis Of XRP’s Movement
Ali Charts has recently turned the spotlight on XRP. In his latest analysis, Ali predicts a promising upturn for XRP, expecting it to break out from its “descending parallel channel.”
This optimistic forecast points to a swift climb, targeting the $0.65-$0.66 range. The analysis is backed by a detailed chart Ali shared, elucidating the potential breakout pattern XRP is forming.
This projection follows XRP’s peak performance on November 6, when it reached $0.72 per token – its highest valuation since late July.
Over the following weeks, XRP saw a slow downturn that brought its price to trade as low as $0.58 on Wednesday. However, the recent chart formations, as analyzed by Ali, suggest a potential reversal in this trend.
#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX
— Ali (@ali_charts) November 23, 2023
XRP Latest Price Action
Meanwhile, XRP has shown signs of a potential reversal from its recent ‘descending parallel channel,’ as indicated by analyst Ali. In the past 24 hours, the token has experienced a 2.9% uptick, climbing from its low of $0.58 seen yesterday to a current trading price of $0.61 at the time of writing.
This shift hints at a developing bullish momentum, aligning with Ali’s prediction of an imminent surge beyond the $0.65 mark. Notably, should the token’s price continue this upward trajectory, it could significantly bolster Ali’s analysis, possibly setting the stage for the digital asset to revisit and potentially surpass the $0.72 price level.
Such a development would confirm the accuracy of Ali’s forecasts and inject renewed investor confidence in XRP. However, it’s important to contextualize these recent gains against the broader picture.
Over the last two weeks, the altcoin has recorded a decline of over 10%, with a 2.7% decrease in the past seven days. This overall bearish trend is mirrored in the trading volume, which has notably reduced.
Specifically, XRP’s daily trading volume has fallen from a high of approximately $2.4 billion seen earlier this month to around $1.1 billion in the last 24 hours. This dip in trading activity could indicate a cautious approach from investors, awaiting clearer signals of market direction before committing further, or maybe a regular trading activity in the asset.
Featured image from Unsplash, Chart from TradingView