Steph Analysis: XRP Holders Poised for Wealth as Cryptocurrency Primed for Breakout

XRP's recent price dip to $1.97 rattled the market. Still, a swift recovery to $2.37 boosts hopes for a major breakout.

XRP's recent price dip to $1.97 had everyone on edge. But a swift recovery to $2.37 has brought back hopes for a major breakout.

As per market analyst Steph, XRP holders are in for some gains. He has hinted at the possibility of the cryptocurrency soaring past its all-time high soon, potentially making loyal XRP holders “the richest” crypto investors.

Steph's Analysis: XRP Holders Poised for Wealth As per Steph's analysis, the Bollinger Bands on XRP's 4-hour and 12-hour charts are once again tightening, a pattern that usually precedes a strong price movement. He points out how a similar squeeze triggered a 490% rally in November.

Considering these past movements, Steph believes the expanding Bands are a clear indication that XRP might be up for another major breakout. “This could be the start of something big,” he adds.

Bullish Flag Pattern and $5 Target Steph also highlights XRP's recent breakout from a bullish flag pattern on its daily chart. This breakout was confirmed by multiple daily closes above a long-term resistance line, with XRP now trading above the crucial $2.33 support level.

If XRP manages to sustain this support, Steph remains optimistic about its upward trajectory. He identifies $2.60 as a key resistance level to watch for, a daily close above which would further confirm the breakout. Following this, the analyst anticipates a mid-term target for XRP to be in the range of $4 to $5.

Bitcoin Dominance Shifts in XRP's Favor Another factor that bodes well for XRP is the shifting Bitcoin dominance, which tracks Bitcoin's market share relative to other cryptocurrencies. According to Steph, a decreasing Bitcoin dominance creates a favorable environment for altcoins like XRP.

Currently, Bitcoin dominance is testing a breakdown level around 56.6%, having dropped by 3.79% in the last 24 hours.

If it continues to decrease, the analyst anticipates it could reach the 47-50% range, which is a historically strong support zone. Such a decrease would likely trigger an “altcoin season,” propelling XRP towards its $5 target.

However, Steph advises investors to lock in profits during XRP's ascent to avoid missing out before a pullback re-emerges.

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