XRP Has to Break Out of This Range Before Challenging $3: Ripple Price Analysis
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Ripple has reached a decisive price range of $2.3-$2.5, with an impending breakout determining the upcoming trend. A bullish breakout will pave the way for a sustained rally toward the $3.1 range.
XRP Analysis
The Daily Chart
XRP’s recent bullish trend has been halted at the upper boundary of a prolonged descending wedge near the $2.7 level, triggering a bearish retracement. However, the price is now consolidating within a decisive and tight range between $2.3 and $2.5, bounded by the wedge’s apex. This zone has become a critical battleground between buyers and sellers.
The current pullback may also be interpreted as a retest of the recently broken 100 and 200-day moving averages, which could reintroduce demand into the market. A breakout from this narrow range appears imminent, and the direction of this breakout will likely determine XRP’s next major move. A bullish breakout above $2.5 would open the door for a sustained rally toward the $3.1 resistance area.
The 4-Hour Chart
On the lower timeframe, Ripple has maintained a broader bullish structure in recent days, breaking out above the descending wedge pattern. However, the asset faced significant selling pressure around the $2.7 resistance and was swiftly rejected, falling back into the wedge formation. This movement suggests a potential bull trap and false breakout.
Currently, XRP is holding above the key support at $2.3, where buying interest could reemerge. If this level holds, a renewed bullish push toward the $2.7 zone is likely. Still, the market is awaiting a decisive breakout from the $2.3–$2.5 consolidation range.
If the breakout is bullish, the price could quickly surge toward the $3.1 resistance. Conversely, a breakdown below $2.3 might trigger a sharp decline toward the $2 support, especially if accompanied by a short-squeeze or panic selling from overleveraged long positions.
The post XRP Has to Break Out of This Range Before Challenging $3: Ripple Price Analysis appeared first on CryptoPotato.
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XRP Has to Break Out of This Range Before Challenging $3: Ripple Price Analysis
Share:
Ripple has reached a decisive price range of $2.3-$2.5, with an impending breakout determining the upcoming trend. A bullish breakout will pave the way for a sustained rally toward the $3.1 range.
XRP Analysis
The Daily Chart
XRP’s recent bullish trend has been halted at the upper boundary of a prolonged descending wedge near the $2.7 level, triggering a bearish retracement. However, the price is now consolidating within a decisive and tight range between $2.3 and $2.5, bounded by the wedge’s apex. This zone has become a critical battleground between buyers and sellers.
The current pullback may also be interpreted as a retest of the recently broken 100 and 200-day moving averages, which could reintroduce demand into the market. A breakout from this narrow range appears imminent, and the direction of this breakout will likely determine XRP’s next major move. A bullish breakout above $2.5 would open the door for a sustained rally toward the $3.1 resistance area.
The 4-Hour Chart
On the lower timeframe, Ripple has maintained a broader bullish structure in recent days, breaking out above the descending wedge pattern. However, the asset faced significant selling pressure around the $2.7 resistance and was swiftly rejected, falling back into the wedge formation. This movement suggests a potential bull trap and false breakout.
Currently, XRP is holding above the key support at $2.3, where buying interest could reemerge. If this level holds, a renewed bullish push toward the $2.7 zone is likely. Still, the market is awaiting a decisive breakout from the $2.3–$2.5 consolidation range.
If the breakout is bullish, the price could quickly surge toward the $3.1 resistance. Conversely, a breakdown below $2.3 might trigger a sharp decline toward the $2 support, especially if accompanied by a short-squeeze or panic selling from overleveraged long positions.
The post XRP Has to Break Out of This Range Before Challenging $3: Ripple Price Analysis appeared first on CryptoPotato.
Read More
XRP Holders Labeled ‘Uneducated Perma Bulls’ By Veteran Trader – Details