Current XRP Situation
Ripple’s XRP is currently up over 5%, trading near the $2.30 level. However, the token remains stuck between key support at $2 and resistance at $3. The market continues to exhibit a bearish trend unless a significant breakout occurs.
Potential Bull Flag Formation and Price Increase
According to Crypto World analyst Josh, XRP might be forming a “bull flag” pattern, which could signal an upcoming price increase. To confirm this pattern and initiate a price rise, XRP must break through the resistance around $2.53 to $2.54. If it manages to surpass $2.62, a stronger bullish trend could emerge in the short term.
Price Targets and Potential Gains
If XRP successfully breaks the current resistance, the next price target could be around $5. This would represent a 100% gain from the breakout point. In the short term, however, XRP is facing bearish pressure, keeping its price relatively subdued. Without a breakout, upward movement is unlikely, but any breakthrough could quickly shift the outlook to bullish.
XRP vs. Bitcoin
On the XRP/BTC chart, XRP has reached a key resistance level against Bitcoin. At this stage, XRP is experiencing strong rejection, suggesting that it may not outperform Bitcoin in the short term. Bitcoin is likely to remain the leader in price movements.
XRP’s Performance in the Coming Weeks
While XRP’s value against the US dollar may continue to rise, it is unlikely to outperform Bitcoin significantly in the next few weeks. Bitcoin is expected to lead the market, and XRP may not replicate its strong performance from the previous month. However, if the overall crypto market enters a bullish phase, XRP could eventually break through its resistance and perform better in the longer term.
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