XRP price has formed a bullish pattern that may foretell a significant increase. After a 16% surge due to news of a potential end to Ripple's SEC case, XRP retraced below $2.50.
XRP: Recovery and Technical Outlook
XRP price is forming a classic bullish signal, targeting a potential jump. It is crucial for the price to close above $2.65 to confirm the structure. If this occurs, XRP might quickly rise to the all-time high of $3.40.
Futures Markets at a Crossroads
Despite strong spot demand, futures traders remain cautious. A negative premium on open interest indicates that some traders are betting against the XRP price rise. Analyst Dom emphasized the importance of the $2.50 level to maintain bullish momentum.
Key Support and Resistance Levels for XRP
XRP price faces immediate support at $2.23. A close below this level could invalidate the bullish scenario, possibly leading to a drop to the $1.80-$2 range. However, a sustained move above $2.65 strengthens the bullish argument.
XRP is at a critical juncture. The $2.65 level is pivotal for activating a significant move higher. If XRP manages to hold above this level, the altcoin might test $3.40 and even $10.
