The weekly breakout on XRP has sparked bullish sentiment among analysts who forecast a possible price increase to $2. Strong liquidation zones are identified at $0.630 and $0.700.
Technical Analysis: Key Levels and Indicators
XRP's medium-term upward channel defines the cryptocurrency within two parallel lines, making it predictable at the base end of this channel. The ADX value is at 42.7, indicating a significant trend. The Stochastic indicator shows values near the overbought zone at 61.00 and 68.62. Breaking the resistance level around $0.90 could indicate a subsequent target of $1.
Analysts Eye $2 Target for XRP Following Weekly Breakout
XRP has shown a bullish breakout on the weekly chart, indicating a shift from an accumulation phase to a notable upward movement. Analyst Clifton forecasts a potential $2 target, marking the beginning of a significant bullish trend.
XRP Liquidation Levels: $0.630 Support and $0.700 Resistance
The liquidation map shows current support and resistance levels for XRP. A drop below $0.630 could trigger long position liquidations, establishing support at this level. Breaking above $0.700 would extend the upper range and increase the potential for further price increases.
The confirmed breakout on the weekly chart directs analysts' attention towards a potential $2 level for XRP. Support at $0.630 and resistance at $0.700 remain critical factors for upcoming movements.
