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XRP Shows Bullish Signs Amid Market Pressure and Key Upcoming Events
The cryptocurrency market is under immense pressure today, with major coins experiencing significant drops. Amidst the chaos, Ripple’s native token, XRP, seems to be gaining momentum and showing bullish signs.
Despite a 4% drop in the last 24 hours, XRP is approaching a crucial resistance level at $2.40 on its weekly chart. Analyst Dark Defender recently pointed out that if XRP breaks this key level along with the RSI barrier, it could trigger a strong upward move. Additionally, he noted that XRP has significant price support at $2.22 and might potentially jump to as high as $5.85.
The market appears to be heading towards a breakout, sparking excitement within the XRP community. Experts are closely monitoring the situation, awaiting crucial resistance points to confirm or refute their predictions.
Analyst Egrag Crypto emphasizes that for XRP to have a short-term bullish breakout, it must first close above several key price levels. This would include surpassing $2.30, followed by clearing $2.35 and strengthening momentum further. The most important level is the upcoming resistance at $2.36, where XRP would break out from a major falling wedge pattern, signaling an upward trend.
If it manages to close above $2.45, it will demonstrate strong bullish control, paving the way for a massive upward move. Furthermore, if XRP follows its 2017 pattern, the final breakout could commence in just two to four weeks. Although this may involve a brief dip to $2 to gather liquidity before pumping.
Currently trading at around $2.12, down 4% in the last day, XRP is testing key support near $2.07. If it breaches lower levels, further losses might ensue. Almost all of the moving averages are negative except for the 200-day EMA at $2.08, which could act as a crucial support.
The market awaits significant events on June 16th and 17th, with Ripple v. SEC updates expected to dictate XRP’s trajectory. Furthermore, institutional interest is growing, as VivoPower, Webus, and ACG make substantial investments in the asset.
Please note that the article content was generated based on the provided data.
Source: coinpedia.org
