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XRP Last Buying Opportunity Before the 2024-25 Bull Run Says Top Crypto Analyst

Vaseline 1 month ago

The cryptocurrency markets are recovering, with Bitcoin surpassing $65,000 and the total crypto market reaching $2.5 trillion. Ripple’s XRP token has also seen a small increase of 4.9%. Meanwhile, respected crypto analyst Captain Faibik has highlighted a potential buying opportunity for XRP. Faibik believes this could be the last buying opportunity before XRP gears up for the expected bull run in 2024-25!

Last chance to buy XRP

In a recent tweet, Captain Faibik suggests that XRP offers a final buying opportunity before a bullish run could occur in 2024-2025.

According to the Captain Faibik chart analysis, XRP was trading within a narrower range, indicating a period of consolidation. This consolidation phase, often observed in the markets, often precedes significant price movements.

However, a breakout from the consolidation pattern indicates a potential increase in the XRP price, which is expected to reach around $2.20, as indicated by a green rectangle on the chart. With XRP currently trading at $0.54, analysts believe this offers one last chance to buy XRP at this price before the expected bullish trend takes place.

XRP technical analysis

Despite a slight recovery from the March 11 drop to $0.7440, XRP has struggled to surpass the $0.55 resistance level all week, resulting in a 20% decline over the past seven days.

Given these challenges, certain technical indicators point to a bullish outlook. For example, the accumulation/distribution (A/D) line is trending upward, indicating there is buying interest even at current low XRP prices. This suggests that traders may be inclined to ‘buy the dip’, which could potentially trigger a recovery in the XRP price.

XRP to resist

Meanwhile, if the XRP price successfully closes above the $0.57 level, it could challenge the bearish narrative. However, in such a scenario, XRP could target the April 11 local high of $0.6431. However, before reaching this milestone, XRP must encounter resistance at $0.5910, which represents the 50% Fibonacci retracement level of the decline from the April 11 high to the April 13 low of $0.4188.

Furthermore, the psychologically significant $0.60 level, which served as support for XRP in March, poses a new hurdle to the altcoin’s upward trajectory.