Ripple's token, XRP, has shown significant growth after a prolonged period of sideways trading. In a short time, the price increased from $2.10 to over $3.00. This article reviews current dynamics and expected support and resistance levels.
Chart Analysis: XRP Price Breaking Key Levels
The daily XRP/USD chart shows a breakout from the $2.40–$2.50 range, with the price now consolidating near $2.93. Moving averages show a steep upward trend, indicating strong bullish momentum. *Current support*: $2.80 *Next resistance*: $3.20 *EMA crossover*: Bullish signal confirmed *RSI*: At 80.13 – deep in overbought territory.
Despite the high RSI, XRP holds steady, suggesting strong demand but also raising the possibility of a short-term correction.
News and Factors Impacting XRP
Recent legal developments have been favorable for Ripple, enhancing investor sentiment. Additionally, XRP's increasing use in cross-border payments and remittance channels strengthens its real-world applications. A significant factor is the recent support for cryptocurrency from former President Trump, creating favorable conditions for Ripple as a US company.
XRP Price Forecast: Is $4 Realistic?
The bullish scenario suggests that if XRP can stay above $2.80, the next target will be at $3.20, followed by $3.50 in the coming weeks. However, the $4 level remains uncertain. The bearish scenario indicates that failing to maintain $2.80 could lead to a retest of $2.50. Additionally, sideways consolidation between $2.80 and $3.00 may occur as RSI cools down. Overall, the upward trend remains as long as XRP does not fall below $2.70.
In conclusion, XRP exhibits positive trends in the market, supported by both technical indicators and fundamental news. Monitoring key support and resistance levels will be important for future forecasts.
