Bitcoin‘s price lingers around the $43,500 mark as altcoin rallies begin to slow down. Today’s PCE data was highly significant, boding well for cryptocurrencies, with optimism growing for interest rate cuts next year. However, Bitcoin remains unresponsive to these developments. The question arises, what is the year-end target for XRP Coin?
Bitcoin appears ready to reach new highs above $44,000, fueled by recent events and over 30 new discussions with the SEC, which have increased risk appetite. This bullish sentiment requires a corresponding upward direction in XRP Coin and other altcoins. Bitcoin has corrected to $40,000 but has yet to initiate a repeat of the sudden upward movements experienced at previous resistance levels.
On the weekly chart, XRP Coin’s price has been above the rising support trend line since May. A peak of $0.94 triggered by a victory over the SEC in July has not yet been surpassed. The weekly RSI is rising along with the price, and closures above $0.62 are promising for the bulls.
A popular crypto analyst, MisterChoc, is not as optimistic about the medium-term outlook, predicting a correction similar to those seen in 2018 and 2020. However, another analyst, Louie, expects the XRP price to break out from a long-term symmetrical triangle formation and reach new highs.
Daily chart readings are positive, as XRP Coin’s price has broken free from a long-term descending resistance trend line in October and a short-term trend line in December. With Bitcoin’s current short-term outlook also positive, there is justified optimism.
If the RSI can anchor above the neutral zone on the daily chart, we may witness the anticipated test of $0.75. Despite this bullish forecast, closures below $0.60 could lead to a price drop to $0.47. The year-end excitement could result in a strong close for cryptocurrencies, potentially leading to a few weeks of FOMO if the expected scenario unfolds, with XRP Coin prices possibly reaching targets of $1 and $1.35 after closures above $0.75.