XRP price is hovering near the lower boundary of its ascending channel, with potential growth upon securing key levels.
Positive Momentum and Potential Targets
XRP must close above $2.83 to confirm macro strength. Surpassing this level could trigger further rally towards $4.20. Volume activity at 4.76 million indicates growing investor interest, and the green moving average line supports the positive trend.
Conservative Approach and Strong Support Levels
A retest of the prior daily low at $2.2321 is possible, a significant support level. Staying above this area supports bullish sentiment. Levels at $2.40 and $2.97 can also serve as targets upon stabilization.
Risks and Potential Bear Trap
Should XRP fail to hold above the Fibonacci 0.888 level, a decline to $1.5706 remains possible. However, Egrag Crypto suggests this may serve as a likely bear trap. A break below key levels could coincide with Bitcoin retesting $70K, creating an interesting accumulation opportunity.
The current situation on the XRP market reflects both growth potential and possible risks. Investors should pay attention to key levels to form a balanced view.
