XRP has successfully moved out of a descending channel that has been in play since mid-July, reclaiming support at $3.26, opening up prospects for further growth.
Breakout from Price Channel
According to Alpha Crypto Signal, XRP has completed a breakout from its descending channel, signaling a momentum shift from bearish to bullish. The $3.26 level, which was previously resistance, has now turned into a fresh demand area. Price action shows a clear break above the channel's upper boundary, followed by a retest of the breakout level.
Price Targets and Key Resistance Levels
Provided that XRP manages to stay above the $3.26 level, upcoming technical levels are $3.50 and $3.70. The first significant resistance is at $3.50, and a price breakout may target $3.70, an area of previous price congestion prior to the drop in July. Volume confirmation is also a critical element in this continuation thrust.
Risk Levels and Support Zones
A drop below $3.26 would weaken the breakout formation, increasing the probability of a deeper retracement. In such a case, XRP may retest $3.03, which aligns with the 50 SMA. If the $3.03 level fails, the price could revisit the lower ranges of the former descending channel.
At the time of writing, XRP is at the figure of $3.30, having decreased in value by 1.26% over the past day but showing a growth of 9.77% in the past week. The trading volume over the last 24 hours is $6.58 billion.
