XRP, the third-largest cryptocurrency by market capitalization, has experienced a significant surge in price over the past 24 hours, rising by 7%. This sudden increase has sparked widespread speculation about the potential outcome of the ongoing Ripple-SEC case, with many investors and analysts predicting a bullish scenario for the cryptocurrency.
Crypto analyst Doctor Magic (@Doctor_Magic_) has been vocal about his optimistic outlook for XRP, sharing several charts and analysis on X (formerly Twitter). According to Doctor Magic, XRP is poised to break through a critical resistance zone above $0.70, which could lead to new all-time highs.
The analyst’s short-term outlook for XRP is based on a 4-hour chart, which shows a strong uptrend line and a breakout in the Relative Strength Index (RSI). The RSI is currently approaching the overbought threshold, suggesting that XRP’s price action could become even more bullish in the coming days.
Doctor Magic also highlighted the importance of the $0.70 zone, which aligns with the Bollinger Bands analysis in the monthly chart. XRP has surged above the middle band and is now on the verge of breaking the upper band, which could trigger volatility and lead to a significant price increase.
In the long-term, Doctor Magic believes that it is too early to predict the cycle top price for XRP. However, he did share a weekly chart that highlights several key Fibonacci retracement levels, which could serve as critical points for potential reversals or continuation of trends.
The analyst’s target for XRP is not yet clear, but he did suggest that the cryptocurrency could see double-digit prices and potentially reach the 1.618 Fibonacci extension level at approximately $26.60.
As the Ripple-SEC case continues to unfold, investors and analysts will be closely watching XRP’s price action to see if it can maintain its momentum and reach new heights. With Doctor Magic’s bullish outlook and the cryptocurrency’s recent surge, it’s clear that XRP is a standout performer in the top-100 cryptocurrencies by market capitalization.
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Source: NEWSBTC
