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XRP Poised for Bullish Move: Key Levels Could Trigger Rally
The price of Ripple’s XRP has been trading above $2.38 as of press time and is hovering above the upper side of a trend channel, suggesting that it could be poised for a breakout. This could potentially trigger a bullish move.
XRP Close to Major Support Level
At the current rate, XRP is close to reaching its major support level at $2.05, which aligns with the 50-day exponential moving average (EMA). The 50 EMA has been a significant support level in the past as the price moves downward, and this level should be closely monitored. If XRP fails to hold above $2.05, further decline may be seen, indicating a reversal of the tide.
XRP Struggling at Key Resistance Level
On the other hand, XRP is struggling to break through the $2.50 mark due to a descending resistance line. If buyers can push through this level with increasing volumes, it could trigger a new bullish trend. A confirmed breakout, especially when accompanied by rising volumes, would propel the price towards $2.80 and potentially even $3.00.
Analyst Crypto Tony Believes in Further Upside
In an X post on Monday, analyst Crypto Tony discussed XRP’s current price trends and stated that it still needs to complete the fifth wave of the Elliott Wave pattern. This missing wave suggests that XRP has the potential to rise further. According to Tony, even though XRP has witnessed bearish price action in the past, it is poised to move upward once this final wave materializes.
XRP’s Recent Performance
In the last month, XRP has shown remarkable resilience and strength as it has surged by a whopping 110.63%. It has also outperformed many other popular cryptocurrencies during the same period, with its year-to-date return sitting at an impressive 281%. This outstanding performance has attracted both retail and institutional investors looking to capitalize on the growth potential of the industry.
What’s Next for XRP?
As XRP continues to strengthen and reaches key resistance levels, it is crucial to pay attention to these points. The future price actions of this cryptocurrency will determine whether it sustains its upward trend or takes a sudden turn downward. As XRP approaches key resistance zones, it could provide clues about its next move.
In the coming days, it will be essential to watch for any significant movements at these levels.
Source: cryptotale.org
