Technical analysis suggests that XRP may rise to the $3 level. Various models and indicators reveal trader support and confidence in future price fluctuations.
Technical Models of XRP
The weekly chart of XRP shows a 'falling wedge' pattern, where the price faces resistance at $2.43. A close above this level could open the path towards $3.20, representing a 45% increase from current values. Falling wedges typically signal bullish reversals, and XRP's consolidation within these trend lines suggests continued ascension.
Trader Support
Despite the market decline of 17% from a peak of $2.65, analysis of the 90-day cumulative volume delta (CVD) shows a dominance of buy orders, indicating strong demand for XRP. If the CVD remains positive, it suggests that price recovery may be on the horizon.
Future of XRP/BTC
A bullish divergence between XRP/BTC and the relative strength index (RSI) supports a price increase scenario. If XRP/BTC breaks above the resistance range between 0.00002530 BTC and 0.00003375 BTC, this may catalyze further growth, potentially targeting the $3 level.
The analysis of XRP indicates that the asset is on course for potential growth, supported by both technical models and positive market data. It is expected that as buying increases, price levels may significantly rise in the near future.
