The cryptocurrency XRP has drawn significant investor attention after breaking key technical levels, now targeting $2.40. This success coincides with the launch of the EVM-compatible sidechain on the XRP Ledger.
XRP Breaks Key Levels
According to analyst EGRAG CRYPTO, XRP has successfully broken out of the green descending channel visible on the daily chart. Overcoming the subsequent resistance marked by the pink descending channel is critical in reaching the $2.40 price point.
Support and Resistance on the Chart
XRP reached a new high of 2.3274 before slightly correcting but remains above the crucial 2.2 support level. Market participants are closely monitoring this chart setup, as the current rally represents the third aggressive breakout attempt of a wider channel pattern.
Impact of the Upgrade on the Market and Future Outlook
The recent bullish momentum is bolstered by the launch of XRPL’s EVM-compatible sidechain, which enables the use of Ethereum-style smart contracts within the ecosystem. Analysts emphasize that holding above the 2.2 level is essential for maintaining the upward trend. A breakout of the pink descending channel would solidify a bullish reversal and affirm a shift in market momentum.
XRP continues to target the $2.40 level, propelled by technical changes and ecosystem upgrades. Further movement above current resistance levels may herald a new phase in the asset's development.
