This year, XRP continues to garner investor attention. Despite a sharp decline, the price has begun to rise again amid news of SEC settlement and new licenses in Dubai.
Recovery After Decline
In January this year, XRP peaked at $3.39, then dropped by nearly thirty percent. Currently, the price stands at $2.47, 38% above the low of $1.79.
Technical Analysis and Forecasts
On the 4-hour chart, XRP's price recently bounced off a support level at $2.37, corresponding with the 50-hour exponential moving average. Crypto analyst Dom pointed out that XRP needs to stay above $2.50 to maintain its upward trend.
Impact of Patterns and Resistance Levels
The Relative Strength Index (RSI) is above 60, indicating strong demand. Meanwhile, a symmetrical triangle pattern is forming on longer timeframes, often signifying a bullish trend that could lead to a rise to $4.20 if the upper trendline is broken. Key resistance levels are around $2.66 and $2.98. If XRP crosses $2.66, a wave of liquidations could propel the price higher.
XRP is demonstrating significant growth due to positive news and technical indicators suggesting potential further price increases. Investors are watching closely to see if the cryptocurrency can hold above key levels, which could lead to new price records.
