XRP's recent success has sparked substantial interest in the crypto market, owing to both strong market sentiment and important developments.
A recent analysis by popular crypto analyst Alan Santana on TradingView highlights the impressive performance of XRP, with the coin displaying a strong bullish trend on the monthly chart. This analysis examines XRP's price action, considering its broader context and potential implications.
Santana begins by noting the significance of XRP's performance, highlighting that the coin is having its best month since November 2020. This period is notable as a turning point for XRP, with the coin showing resilience despite a slight downturn in December 2020 that ultimately paved the way for a major bull run.
However, the analyst notes that 2024 may differ from 2020 in terms of the intensity of retracements. This is attributed to the market's increasing maturity and resilience, as well as the dedication of XRP traders who are committed to the project's long-term vision.
The bullish sentiment is further supported by technical indicators, with Santana highlighting that XRP's trading price is significantly above the EMA55, indicating a strong bullish position. In this scenario, the analyst advises against shorting XRP, suggesting that any retracements should be viewed as opportunities to accumulate rather than concerns.
Santana's analysis concludes with optimism, setting high price targets for XRP at $3.01, $5.15, and $6.41. This analysis aligns with XRP's strong performance, which sees the coin trading at around $1.41 at the time of writing, with a 34.52% gain over the last 7 days and a 167.57% increase over the last 30 days.
In related news, another development that marks a key milestone for XRP is the launch of a physical XRP ETP by WisdomTree across major European exchanges. This product reportedly features institutional-grade security with dual custody and cold storage protection, along with a 0.50% administration fee.
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