news 
XRP Eyes $11 as Bull Pennant Consolidation Nears Key Breakout Level
The XRP market is on the cusp of a significant breakout, with the cryptocurrency currently consolidating within a massive bull pennant. As the asset trades near its upper boundary at $2.73, investors are left wondering whether this momentum will push it towards $11 or result in a pullback.
A critical resistance level at $2.73 is crucial for confirming a sustained upward trajectory, with any failure to clear this barrier potentially leading to a retreat to the support zone around $1.95. The market’s current behavior aligns with historical patterns, where initial bullish momentum gives way to consolidation and subsequent impulses.
The technical setup suggests a strong correlation between historical price action and current market dynamics, reinforcing the notion that XRP is poised for significant growth. A clear breach of the $2.73 resistance would confirm the start of an upward trend, setting the stage for a potential climb towards the highly coveted $11 mark.
Fibonacci levels play a crucial role in this analysis, with major retracement points at $1.47 (0.618), $1.19 (0.5), and $0.97 (0.382) serving as key areas of support. Additionally, Fibonacci extensions have been calculated to reveal projected targets at $4.73, $6.09, $8.76, and $11.
The current market momentum is characterized by a series of intermittent consolidations followed by successive bullish impulses. It remains crucial for XRP traders to monitor the cryptocurrency’s price action closely as it approaches the critical resistance level at $2.91. Failure to sustain this upward momentum could lead to a pullback towards $2.05, where robust support awaits.
In conclusion, XRP is poised for significant growth as it approaches the pivotal $2.73 resistance level.
Source: cryptonewsland.com
