While XRP is at risk of falling below the $2 level, analysts say that the narrowing of the Bollinger Bands indicates a major price movement. According to technical analysis, XRP can rise to the $4-5 range in the short term, while in the event of a strong breakout, the price may rise to $13. XRP, which has an important place in the cryptocurrency market, has been under intense selling pressure recently and is at risk of falling below the $2 level. However, analyst Steph suggests that XRP could make a major price movement in the near future based on technical indicators.
On the 12-hour chart, Bollinger Bands have started to narrow again. According to historical data, such narrowings are usually considered a precursor to major price movements. The last time a similar situation occurred was in November, and this narrowing was the beginning of a 490% rally that carried the XRP price from $ 0.49 to $ 2.90. Currently, XRP is consolidating at $ 2.26 and trying to protect the psychological limit of $ 2. Analysts say that maintaining this level is critical and that a drop below $ 2 could trigger a larger decline.
On the other hand, if XRP starts an upward move, the first significant resistance level is identified at $2.90. Breaking this level could lead to a stronger rally.
Analysts predict that XRP could rise to $4 to $5 in the near term. However, if there is a larger breakout, the price could theoretically rise to $13. Analysts state that while high targets like $13 are tempting, it would be healthier to adopt more conservative levels in short-term forecasts. In addition, analysts emphasize the importance of maintaining the $2 level as support, and say that the contraction in Bollinger Bands indicates that a major price movement is imminent.
Technical indicators suggest that XRP is preparing for a major price move. However, the direction of this move will depend on the preservation of critical support and resistance levels. It is important for investors to be careful of short-term fluctuations, closely monitor the $2 level, and adopt a strategic approach.
