XRP is currently trading at $2.12, staying above the important $2.00 support level. It’s up about 3% in the last 24 hours, showing some positive momentum. The coin tested the support zone again but bounced back, which means buyers are still active and willing to step in.
This bounce suggests the market might be starting to recover from the recent downturn. If the buying pressure continues, the market could soon see a relief rally.
According to analyst Egrag Crypto, XRP is currently forming an Ascending Broadening Wedge pattern, suggesting two possible price targets: a decline to $0.65 or a rise to $17. For a bullish breakout, XRP must first close above $3.50. If it reaches the $5 level but fails to sustain above it, this could signal a higher probability of the pattern playing out. A rejection at $5 would likely lead to a retest of the $1.90 level.
Also Read: XRP News Today: Price Rises 4%, Ripple Outpaces BTC and ETH in South Korea
A successful breakout above $5, with a follow-through above $6, could drive XRP toward the $17 target within 2-3 weeks. However, the analysis hints at a 70% likelihood of a downside breakout, potentially pushing the price back to $0.65, with only a 30% chance for the bullish scenario. This pattern is not yet fully formed, and key price levels should be monitored closely for confirmation.
The Shiba Inu community has something new to cheer about. As the Shiba Inu team…
Starting your investment journey can feel overwhelming, especially in the fast-moving world of cryptocurrency. If…
The XRP price remained consolidated within a tight range for over a couple of years,…
Investors are scouring the crypto market for the best crypto to buy now, seeking tokens…
For most blockchain developers these days, the focus of their efforts is no longer just…
For years, Bitcoin mining has been a game for the wealthy. As ASIC machines skyrocketed…
