XRP has grown by 7% in the last 24 hours, making it one of the most valuable coins in the world. There is a lot of talk about a possible settlement or decision in the ongoing Ripple-SEC legal case, which is why the price has gone up so much.
There is a lot of talk about the cryptocurrency on X (formerly Twitter), and many people are optimistic about the future of XRP. A prominent crypto expert named Doctor Magic (@Doctor_Magic_) has been very busy, giving in-depth analyses of how the price of XRP has changed over different time periods.
Based on a 4-hour chart, Doctor Magic’s most recent research shows that the XRP/USD pair has a key resistance zone just above $0.70. If Ripple token can break through this barrier, it might go to new all-time highs (ATHs). Even though higher time frame (HTF) indicators are usually positive, the analyst warns of possible short-term rejections.
XRP Faces $0.70 Resistance
He says that XRP is facing significant resistance around $0.70, which means you should be careful with leveraged long positions in this area. If people go above this, they might get ATHs, but they might also get short-term rejects.
The chart shows that Ripple token is still going up, which is a strong sign of bullish progress. If the resistance at $0.70 is broken, XRP could go after higher levels. $0.90 was an important level last seen after Judge Analisa Torres’ summary ruling on July 13, 2018, which was a major event.
The breakout in the Relative Strength Index (RSI), which is now at 67, is a key part of Doctor Magic’s research. The RSI has broken its previous trendline, which shows strong progress. It is also getting close to the overbought level, which could mean that XRP will continue to move up.
Doctor Magic also says that the resistance at $0.70 lines up with Bollinger Bands analysis on the monthly chart. XRP is getting close to the upper band now that it has moved above the middle band. “It’s important that today’s confirmation of the breakout on the monthly RSI is real.” “XRP is getting close to being as volatile as it was at its lowest point ever; $0.70 is a key level,” he said.
Doctor Magic thinks it’s too early to say when the cycle top will happen in longer time frames. He said that It’s hard to say where XRP’s cycle top is. We might see two tops if altcoins drive the next rise. The first top will set the stage for the second.
The 0.618 level, which is around $0.91, the 0.786 level, which is around $1.61, and the parity level, which is $3.31 and marks the April 2021 ATH are all important price points that can be seen using Fibonacci retracement. The 1.272 level, which is around $8.29, the 1.414 level, which is around $13.37, and the 1.618 level, which is around $26.60 are all higher versions.
Doctor Magic said in the end that It’s too early to set a final target. XRP prices in the double digits look beneficial, and $26.5 could be a goal. XRP was worth $0.6539 at the time of this writing.
