Amid increasing pressure in the cryptocurrency market, XRP appears poised for a significant recovery. The breakout from a descending channel on the 12-hour chart may signal the start of a new upward trend.
Breakout and Its Significance
According to an analysis conducted on June 25, XRP/USDT has managed to break out of a descending channel on the 12-hour chart. This breakout, supported by a green candlestick crossing the upper resistance line, indicates a potential bullish reversal.
Target Growth Level
Analysts have set a target level for XRP at $3.00, implying a possible increase of 35.26% from the breakout level. This projection is based on a standard measure used in breakout scenarios.
Short-term Losses and Their Impact
XRP witnessed a notable dip of 3.05% over the past 24 hours, dropping to $2.13. The market cap decreased by 2.94%, and trading volume was reduced by 5.96%. These fluctuations may relate to overall market sentiment or profit-taking following a recent rally.
Despite the short-term losses, the technical analysis and breakout from the descending channel may indicate renewed buying interest and the potential to reach a new price level before July.
