XRP is experiencing significant changes, testing key resistance and support levels. Despite recent declines, historical data suggests a potential for a bullish breakout.
Analysis of XRP's Current Situation
XRP has faced significant fluctuations: in the last 24 hours, the price fell by 10.07%, and over the past week, by 14.94%, settling at $2.22. Analysts are discussing the breach of an ascending parallel channel and a possible decline to $1.65. However, experts view the $2.6052 level as a starting point for the next bull wave.
Double-Bottom Formation and Possible Reversal
Analysts from EGRAG CRYPTO note a possible double-bottom formation on the 12-hour XRP chart. This could indicate the potential for price recovery. Typically, such formations end with an upward breakout in 70-75% of cases, despite the recent bearish movement.
Long-Term Trends and Movement Factors
In the long-term, key factors for XRP remain the general market sentiment and Bitcoin's behavior. If XRP can hold its current levels, this could lead to a prolonged accumulation phase and further growth. Observing trading volumes is crucial to assess possible institutional investor participation.
As investors continue to watch XRP's sharp price fluctuations, key support and resistance levels will determine the future movement of the cryptocurrency. There is potential for strong growth or further decline, depending on resilience at current levels.
