XRP Analyst Sees Major Upside After Monthly EMA Ribbon Bounce
XRP's price action has raised questions among investors about whether it's a bull trap or a sign of a market bottom. Analyst Steph Is Crypto, who focuses on XRP, believes that the asset may have found its lowest point and is due for a significant upward move.
According to Steph, a pattern repeated in 2020, 2022, and now in 2024, where XRP touches the lower boundary of its monthly exponential moving average (EMA) ribbons and goes on to stage a major bull run. The analyst interprets this current bounce as a potential signal that the lowest point of the current cycle has already occurred.
Steph also highlights the relevance of Fibonacci retracement levels on the daily chart, where XRP is currently fluctuating near the 0.382 retracement level. He identifies a significant support area between $1.31 and $1.129, anchored by the 0.5 Fibonacci retracement level.
The analyst believes that reduced online attention to XRP, as seen in search interest, indicates retail traders are stepping back from the market, suggesting that most investors remain offside from the asset's possible next move.