After months of uncertainty, XRP is finally showing positive signals, sparking discussions about the possibility of a price rise to $11.
Overview of Current Trends
On the weekly chart, XRP has been experiencing price compression within a triangle pattern since late last year. In July, a breakout above the upper boundary led to a price rise to $3.38, followed by a correction to the current level of $3.22.
Price Levels and Hurdles
According to Fibonacci extensions, the $3.40 area presents the first significant hurdle to overcome. A confident breakout of this level could pave the way to $5.75, followed by the ambitious target of $11.20 at the 1.618 extension.
Risks and Support
The key support level remains the $2.25 zone, which previously acted as resistance. If this level is breached, it could lead to significant downside, testing levels of $1.63 or even $1.29.
The current situation in the XRP market requires close attention. Sustaining above $3.22 and breaching $3.40 with strong volume could make the $11 price target more realistic.
