Market analyst Steph outlined predictions that the $2.33 level could be critical for the next XRP breakout, potentially paving the way for new highs.
Key Level of $2.33 for XRP
According to the latest technical analysis, a daily close above $2.33 may trigger a sustained rally that ends the ongoing consolidation. XRP has been moving in a narrowing symmetrical triangular pattern, indicating indecisiveness. Diminishing volume in this structure often leads to explosive price behavior as momentum shifts.
Technical Setup and Market Changes
Steph emphasized that these targets are part of a broader technical setup and not immediate forecasts. They may unfold gradually over several weeks or months. Regulatory developments may also act as catalysts. Institutional sentiment has been boosted by legal developments between Ripple and the U.S. Securities and Exchange Commission.
Potential Targets and Risks
Implementation of Fibonacci extension levels suggests possible price points of 5.38, 11.31, 23.78, and even 37.63. However, care must be taken regarding the $2.00 level, as this could act as a resistance zone. A decline beyond $2.06 or $1.95 may slow down or dismiss the bullish position.
XRP is at a critical juncture, with $2.33 emerging as the level that could define its next significant move. A close above this threshold may ignite a long-awaited breakout.
