XRP rebounds from discounted zones, targeting $2.72 and $2.91 as bullish momentum builds above $2.20 support.
Break of Structure (BOS) and Change of Character (CHoCH) hint at a bullish trend, with $2.91 as a crucial resistance level.
Strong buying activity near $2.0825 and $2.20 supports bullish momentum; resistance at $2.7270 remains key for upward movement.
XRP's price movement reveals important activity as it hovers near crucial levels, aiming for targets of $2.72 and $2.91. The latest analysis by Egrag Crypto highlights discounted zones and key resistance points that traders need to monitor. Currently, XRP is battling market noise within the $2.20 equilibrium zone, which acts as a support area. Recent dips to discounted levels of $2.0825 and $2.20 show strong buying interest, hinting at a potential bullish surge.
https://twitter.com/egragcrypto/status/1871140079676322230 Discounted Zones Signal Rebound Opportunities
Discounted Price 1 and Discounted Price 2 mark critical buying zones. These regions triggered rebounds as buying pressure increased. After touching a local low at $2.0825, XRP's price reversed course, climbing toward resistance levels. Besides, several "Break of Structure" (BOS) points reveal price reversals and trend continuations. Moreover, multiple "Change of Character" (CHoCH) indicators highlight transitions between bearish and bullish structures.
Additionally, a notable CHoCH near Discounted Price 2 shows a shift toward a bullish trend. This shift aligns with projected price movements aiming to surpass $2.40. The green arrows suggest XRP may target $2.7270 and ultimately $2.91 if bullish momentum persists.
Resistance and Premium Zones Hold the Key
The purple resistance lines at $2.72 and $2.91 represent levels where bulls need to maintain pressure. However, XRP previously struggled to breach these levels, leading to pullbacks. Besides, the premium zones show potential selling pressure near $2.6127, where strong highs have formed. If XRP breaks past these zones, the price could move toward its next resistance target of $2.91.
Higher highs (HH), lower highs (LH), and lower lows (LL) reflect the market's inherent volatility. The ascending structure near the end indicates a bullish outlook. Consequently, traders are closely monitoring whether the bulls can sustain this momentum. Egrag Crypto emphasizes that these levels are vital for XRP's price trajectory. Furthermore, maintaining bullish momentum above equilibrium and breaching resistance will determine future price movements.
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