google-news-img
spot_imgspot_imgspot_img

XRP Price Consolidates Near Resistance, A Move Above $3 Likely

  • XRP trades within a descending channel, signaling a potential bullish breakout to $3.66.
  • Increasing buy pressure positions XRP near resistance for an upward surge.
  • Technical analysis shows $3.66 as the next target after a breakout.

At the moment, XRP price is contained within a descending channel, a technical pattern that suggests an impending bullish breakout.

Experts are predicting that XRP can jump back to $3.66 if it breaks out of this channel.

This potential move is based on rising buy pressure, which is expanding XRP near crucial resistance levels.

Descending Channel and Bullish Breakout

The formation of a descending channel suggests that the XRP needs to find the support level for the upsurge.

In the past, similar patterns have seen significant price increases once an upper limit is crossed.

Captain Faibik predicts XRP price to overcome this resistance as technical charts show that it is expected to go up.

- Advertisement -
Source: X

Additionally, increasing buy pressure is one of the factors that are driving the current XRP price up.

However, a recent analysis shows XRP price nearing $2.18 marks a critical Fibonacci retracement and support zone, signaling the completion of subwave three.

Analysts note the symmetrical triangle pattern could lead to a breakout toward $3.50. The bullish flag is normally considered in the category of continuation patterns.

It occurs when a cryptocurrency is in the corrective or trading range and indicates that a strong upside move is expected shortly.

Technical Analysis Points to $3.66 Target

According to the technical indicators, the key level to watch out for after a breakout of XRP price is $3.66.

The stochastic RSI and RSI on the 3-day timeframe also support this target, as both show buy signals of clear upward strength.

For the positive outlook for XRP, there must be an utmost trading volume and an effective breakout above the $2.50 price barrier.

If this happens, it will extend the bullish formation, and the altcoin price might shoot above the $3 level.

Moreover, the moving average convergence divergence (MACD) shows bullish momentum, as the MACD line crosses above the signal line.

The histogram confirms increasing buying pressure, reflecting positive sentiment.

Source: TradingView

Outlook for XRP Price

Currently, XRP price is stabilizing near the resistance levels, and investors are patiently waiting for a breakout.

Technical analysis of the token’s charts and rising buy pressure make XRP ready for a breakout and climb above $3.

At press time, XRP is trading at $2.58, reflecting a 9.63% surge in the last 24 hours with a $148.21 billion market cap.

The $7 billion 24-hour trading volume and increasing momentum support the bullish projections, indicating strong investor confidence as XRP approaches critical resistance levels.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

Kelvin Munene
Kelvin Munene
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.