XRP is showing signs of growth after breaking above the resistance level at $2.34. Ripple's participation in upcoming Senate hearings could support this growth.
XRP: Break Above $2.34
XRP has confidently overcome the resistance level at $2.34, indicating that the bulls are attempting to take control. This level has been accompanied by favorable technical signals.
Technical Analysis and Price Prediction
The 20-day exponential moving average ($2.23) has started to gradually rise, and the Relative Strength Index (RSI) has entered positive territory, suggesting the potential for further growth. If buyers maintain the price above $2.34, XRP/USDT could rise to $2.48 and potentially to $2.65. However, resistance at $2.65 is anticipated to be strong.
Conclusion on Current Trends
The close above $2.34 on the 4-hour chart completed the bullish inverse head-and-shoulders pattern, increasing the likelihood of a rise to $2.48. But a negative scenario is also possible; a sharp drop below the 50-SMA may indicate a false breakout.
While XRP shows positive signals, market conditions may change. Ripple's involvement in digital asset discussions in the Senate provides additional opportunities for price growth in the short term.
