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XRP Poised for Bullish Move: Key Levels Could Trigger Rally
As of press time, Ripple’s XRP is trading above the $2.38 mark, indicating a strong possibility of a breakout and a potential bullish move in the near future. This comes as the cryptocurrency hovers above the upper side of the trend channel.
The price action of XRP has been highly volatile lately, but it has shown promising signs of a breakout soon. As the altcoin approaches key support and resistance zones, traders are eagerly waiting for a breakout from these levels.
XRP is close to a significant level at $2.05, which aligns with the 50-day exponential moving average (EMA). This level has acted as a major support in the past when the price moves downward, and it should be closely monitored. If XRP fails to hold above this level, further decline may ensue, indicating a reversal of the trend.
On the other hand, XRP is struggling to break through the $2.50 mark due to a descending resistance line. A confirmed breakout at this level, accompanied by increasing volumes, could push the price towards $2.80 or even $3.00.
Crypto analyst Crypto Tony has also weighed in on the situation, stating that the asset still needs to complete the fifth wave of the Elliott Wave pattern. This missing wave suggests that XRP still has room for growth as it prepares to move upward once this last wave is completed.
Source: cryptotale.org
