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Crypto analyst ChartNerd has reiterated his bullish outlook for XRP, telling holders to “get ready” as the token appears to have completed an important technical setup he first highlighted in October.
In a post on X, the analyst pointed to XRP revisiting its 55-week exponential moving average (WEMA) around the $2.20 region, a move he predicted nearly a month earlier when the token was trading above $2.50.
Analyst Says Get Ready For XRP
On October 15, ChartNerd told followers on the social media platform X that XRP was likely to revisit its 55 WEMA in the $2.20 range before catapulting to new ATHs. In the weeks since, the token’s gradual pullback confirmed that forecast, touching the 55-week average at the start of November.
The analyst has since resurfaced with a follow-up post captioned simply “$XRP: GET READY 🚀,” meaning that the consolidation phase may now be giving way to the breakout stage.
Source: Chart from ChartNerd on XThis level has been a reliable reference point for the altcoin’s cyclical momentum, and it has always acted as a foundation for sustained breakouts. The structure on the weekly chart has followed this in a similar bullish setup in November 2024, and the recent defense of this support area suggests renewed strength among medium- and long-term holders. Analysts like ChartNerd see the retest as the final step before a broader move toward price discovery.
What To Expect As November Progresses
From a structural standpoint, XRP’s chart is still maintaining its long-term bullish pattern, thanks to higher lows preserved across the weekly timeframe. The fact that the token has managed to hold above $2.20 strengthens the support around this level.
The remainder of November could be decisive for whether XRP transitions from correction to expansion. A sustained bounce above the 55 WEMA would confirm the beginning of the next upward leg envisioned in ChartNerd’s analysis. Such confirmation could attract new inflows, especially from traders tracking the indicator’s reliability.
In another technical analysis, CharNerd revealed that the $2.70 price level is the immediate resistance to break in order for the altcoin to start pushing back to ATHs. From there, the next technical target is around $3.00, with a continuation to $3.60 and $4.00 once the entire crypto market sentiment becomes bullish again.
However, the bullish outlook is contingent on holding above the 55 WEMA. Failure to do so will turn it into resistance, and the bullish setup would need to be reassessed. In that scenario, the token might re-enter a broader consolidation range through December before any attempt to break higher.
At the time of writing, XRP is trading at $2.48, up by 8.1% in the past 24 hours.
Featured image from Freepik, chart from Tradingview.com
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