Crypto Analyst Says 'XRP Holding Strong' and That $0.85 Is a Key Level

Crypto Analyst Says ‘XRP Holding Strong’ and That $0.85 Is a Key Level

Time Stamp: November 21, 2023 2:42 AM
Crypto Analyst Says 'XRP Holding Strong' and That $0.85 Is a Key Level PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Introduction

Earlier today, in a detailed video analysis, crypto analyst Moon Lambo discussed the current state and future prospects of XRP, offering insights into market trends and potential breakout points.

XRP’s Market Position

Moon Lambo began by noting XRP’s strong performance, maintaining above the 60-cent mark. He emphasized the importance of the 85-cent resistance level, which, if broken, could lead to significant gains for XRP.

Short-Term Predictions

Moon Lambo mentioned the possibility of a minor dip in the short term, as suggested by another analyst. However, he reassured viewers that this dip should not be a cause for concern.

Bitcoin’s Influence

He stressed the influence of Bitcoin on XRP’s price movements, highlighting that while XRP can have independent runs, reaching new all-time highs often depends on Bitcoin’s positive trend.

Views from Credible Crypto

Referencing Credible Crypto, Moon Lambo shared that a new all-time high for Bitcoin is expected within the year, with a minor pullback likely in the short term.

Historical Market Trends

Moon Lambo discussed historical sell-offs during Thanksgiving weekends, suggesting that a similar trend might occur this year.

Bitcoin’s On-Chain Metrics

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He highlighted the metric showing over 70% of Bitcoin’s supply hasn’t moved in at least a year, interpreting this as a sign of strength and conviction among long-term holders.

XRP’s Technical Analysis

Moon Lambo relayed Egg Crypto’s analysis, noting XRP’s strong support at 50 cents and firm support between 54 and 55 cents. According to this analysis, for a breakout, XRP needs to surpass the 83 to 85 cents resistance.

Long-Term Outlook

Moon Lambo shared Egg Crypto’s bullish long-term outlook for XRP, with a potential target of $27. He echoed this optimism, though he also mentioned more conservative predictions from other analysts.

XRP’s Legal Clarity and Market Impact

Moon Lambo highlighted XRP’s recent legal clarity and its positive impact on whale accumulation and institutional investment, indicating a strong future for XRP in the market.

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On 18 November 2023, Changelly, a prominent crypto trading platform, released an in-depth blog post exploring the trajectory of XRP, including its historical performance, current status, and future prospects.

The blog post reminisces about XRP’s impressive surge at the end of 2017 and the start of 2018, when it momentarily ascended to the second position in terms of market capitalization. It went on to say that this peak was followed by a significant downturn, which was more pronounced than the broader crypto market’s decline.

Changelly underscores XRP’s potential as an investment. The platform points out XRP’s unique advantages over other cryptocurrencies, its robust community support, and the solid foundation provided by Ripple Labs. It said the ongoing efforts by Ripple Labs to enhance and develop the project further bolster XRP’s prospects for growth.

Changelly provides specific price forecasts for XRP. For the year 2023, they anticipate XRP’s price to oscillate between $0.6579342 and $0.70872912. Their analysis remains optimistic for 2025, projecting an average price range of $1.45 to $1.76. Looking towards 2030, Changelly foresees a substantial rise in XRP’s value, estimating it could reach approximately $6.75 by January of that year.

The blog post concludes with a cautionary note, advising readers that the information should not be taken as fundamental analysis or investment advice. Changelly stresses the importance of conducting independent research and exercising due diligence before making any investment decisions.

Featured Image via Pixabay

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