Crypto Outlook | Strong Upside in Ripple

Fundamental Data
Despite a slight correction in equities, the crypto markets remain well-bid. Since Bitcoin moved to higher levels, altcoins have followed suit, rising significantly. In particular, Ripple has shown extremely strong performance, nearly doubling its value this month. This positive momentum might be fueled by the newly elected government and a general trend of FOMO (fear of missing out) among traders.

Renewed Dollar weakness could also provide further upside. While the Greenback remains strong, it is currently trading at overbought levels. Market participants are pricing in a 66% chance of a 25 basis point rate cut by the Federal Open Market Committee (FOMC) in December, which could further weaken the Dollar and benefit crypto prices.

Technical Analysis:

– BTC (Bitcoin): Bitcoin is currently trading at USD 91,200. A week after the U.S. elections, the market has continued rising with similar momentum. The USD 100,000 level now appears to be within reach if the current trend persists, as indicated by the monthly chart.

Any break to lower prices could present a potential entry opportunity, particularly since the market has established a strong support level around the USD 70,000 zone. A potential weakening of the Dollar could further benefit the broader crypto market, providing additional upside momentum.

– ETH (Ethereum): Ethereum is currently trading at USD 3,109. After a recent surge during the U.S. election week, the market has seemingly taken a breather, unable to continue its upward movement. With a new resistance level formed on the daily chart, falling prices may continue in the short term.

The current resistance zone at the USD 3,400 area needs to be broken before prices can rise further. Additionally, Bitcoin’s recent push to higher levels may be contributing to Ethereum’s underperformance.

– XRP (Ripple): Ripple is trading at USD 1.0700, continuing its sharp ascent towards the psychological resistance zone at USD 1.3000. According to the weekly chart, the market has successfully broken through recent resistance levels, moving higher in the process.

As shown above, the break of the resistance zone at USD 0.7500 could now pave the way for further price increases. Any retracements may present new entry opportunities to join the uptrend.

– LTC (Litecoin): Litecoin is currently trading at USD 86.90. It has recently risen to higher levels, and the current breakout could signal further upward momentum. In particular, this could provide a positive outlook for other altcoins as well, which may follow Litecoin’s bullish movement.

The daily chart shows that the USD 90.00 zone is approaching. A break above this level could open the way for momentum to reach the USD 100.00 mark. However, any corrections from here could see prices fall back toward the USD 75.00 area.

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