Crypto analyst Ali has shared a detailed chart analysis of XRP, highlighting the formation of three consecutive bull pennants, a technical pattern often associated with bullish price continuation.
Ali’s post has drawn significant attention from the crypto community as it identifies critical levels and projects an optimistic price target for XRP.
In his tweet, Ali stated: “$XRP: 3 consecutive bull pennants! We should all be praying for a retest of $2.25 to buy the dip and target $4.40!”
The chart attached to the tweet outlines XRP’s upward trajectory, punctuated by consolidative pennant formations. Each pennant has led to a breakout, reinforcing the bullish momentum. Currently, XRP appears to be consolidating within the third pennant, suggesting that another breakout could be imminent if the trend persists.
$XRP : 3 consecutive bull pennants! We should all be praying for a retest of $2.25 to buy the dip and target $4.40! pic.twitter.com/KgXnM929yk
— Ali (@ali_charts) December 9, 2024
The $2.25 Price Level as XRP Key Support Zone
Ali specifically pointed out the $2.25 level as a crucial support area. A retest of this level could present a buying opportunity for traders aiming to capitalize on the potential rally toward $4.40. The $2.25 level aligns with the base of the current pennant and is critical for maintaining the bullish structure.
One user on X echoed Ali’s sentiment, commenting: “Testing 2.25 totally makes sense. Obviously, people shorted the 60-minute interview, and good for them if they made money trading—it was a risk. 2.25 is the bottom.”
This perspective underscores the widespread belief that $2.25 represents a strong foundation for the next leg upward.
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Enthusiasm Beyond $4.40
While Ali’s target of $4.40 has excited many, some XRP investors have expressed aspirations for even higher price levels. Another X user, Jagjeet, remarked :
“Tell me more Mohammad Ali, tell me more. What happens after $4.4? $4.4 is great, but I didn’t hodl $XRP for 6 years to sell at $4.4—I did it to sell at double digits.”
This sentiment highlights the long-term optimism surrounding XRP. Many investors are eyeing higher targets, fueled by fundamental developments and growing interest in the cryptocurrency sector.
Technical Outlook
The presence of consecutive bull pennants indicates a strong uptrend, and the projected breakout target of $4.40 aligns with the technical structure.
However, a successful retest of the $2.25 support level could be crucial for confirming bullish continuation. Traders and investors should closely monitor XRP’s price action, particularly around these levels, to evaluate the strength of the trend.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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