XRP’s consolidation within a tight range is raising expectations for a major price movement.
Key support at $2.22 and resistance near $3 are critical levels for traders to monitor.
A bullish flag pattern suggests potential upward continuation for XRP’s price.
XRP is once again back in the spotlight as analysts are suggesting a possible breakout in the near future. The peer-to-peer electronic currency which has experienced significant price swings in the past, is displaying technical characteristics that point to an impending up move.
Current Market Structure
According to the latest market trend analysis, it shows that XRP has been trading in a small range as it awaits a breakout. This phase of low volatility means that pressure is mounting before a probable shift in the prices as the market pressures build up before a breakout. The analysts have observed that the price has a support zone around $2.22 in the current down and up fluctuation. On the other hand, the areas of $3.00 and above are deemed important barriers for positive direction.
https://twitter.com/Steph_iscrypto/status/1870723317931634893
These patterns form a consolidation pattern similar to previous periods in the trading of XRP where periods of sideways trading were characterized by dramatic price changes. It is just kidding that such patterns are thinking of a breakout in the coming weeks or months.
Factors Supporting a Breakout
There are a number of reasons why people are expecting XRP to increase in price drastically, tracking a number of positive cues. From a technical level, the price is currently in a bullish flag, which has been a history of positive continuation. Also, trading volumes have continued to exhibit a fairly comparable activity, indicating a constant demand from the trading players.
Thus, aside from the technical factors, there have been signs of the positive shifting of market sentiment with regards to cryptocurrencies in the past few months. Certainty in some places and a new wave of interest in the blockchain for longer set favorable conditions for such types of assets as XRP. But, certain outside factors that include macroeconomic factors and any future legal factors affecting it will continue to be the XRP volatility factors.
Although the technical aspects seem fine, analysts advise that we should be warned. Such repetition cannot secure changes for the future, and different stimuli exist in the market environment.
The post Analysts Point to XRP’s Bullish Momentum: $3 and Beyond? appeared first on Crypto News Land.
