- XRP has pierced resistance, indicating strong bullish pressure and potential for upward movement.
- XRP’s breakout from a downtrend channel sets the stage for higher targets.
- Support at $2.22 would be crucial to establishing further price action in the uptrend of XRP.
XRP has penetrated major levels of resistance, reflecting strong bullish forces. The price recently busted a downtrend channel, which confirmed a shift in market structure to an uptrend,
XRP’s Breakout and Market Structure
XRP has broken out of a downtrend channel to form a bullish pattern with space for a move upward. Market analyst Marzell notices that the XRP price is now between $2.20 and $2.40, providing a good basis for further gains. The shift in momentum means that XRP could see prices increase.
Source: Marzell
Marzell identifies short-term targets of $2.60, $2.85, and $3.10, and mid-term projections of $3.36 and $3.87. In case of a pullback to decrease risk, he suggests entering with a stop loss at $2.00. This minimizes the risk of loss during reversals in the market while aiming for higher gains.
Observing the market activity, Marzell notes that XRP has maintained higher lows, indicating buying pressure. The price recently touched and bounced off the $2.20 support level, reinforcing the positive image. If the momentum persists, XRP could test its next resistance at $3.10 before moving to higher levels.
Key Resistance and Additional Insights
Insights from market researcher EGRAG CRYPTO confirm that $2.22 remains a strong support level. His recent assessment highlights a continued fractal development, indicating a structured upward movement. XRP has moved within a consolidation zone before breaking out and reaching $2.9500. EGRAG emphasizes that the price previously faced resistance at $3.0000, marking it as a critical level.
Source: EGRAG CRYPTO
Tracking price trends, EGRAG highlights the presence of a long-term trendline acting as an upper boundary. If XRP sustains movement above $2.9500, it could test this trendline, determining the next directional move. Failure to hold above the breakout zone could lead to a retracement toward support at $2.2200.
Both analysts confirm that XRP’s current trajectory remains bullish, with key levels acting as validation points for further upside. Market participants should monitor reactions around resistance to gauge the next movement.
