- XRP shows strong bullish momentum, with a potential breach of $3 this month.
- Analysts predict XRP could surge to $15 by month’s end, mirroring 2017 rally.
- Critical support at $2.20 and resistance at $2.50 set the stage for price movement.
XRP has recently shown remarkable performance, climbing 20% off its key support level, signaling strong bullish momentum. As per analyst WatersAbove, XRP has maintained a strong uptrend since late October, fueled by increasing trading volume and positive technical indicators. At its current price of $2.45, XRP’s bullish trajectory suggests that the cryptocurrency could breach $3 this month.
Analyst XRP Avengers has drawn parallels between the current market pattern and the explosive rally seen in March 2017, hinting at a potential price surge to $15 by the end of the month.
Strong Uptrend and Consolidation Phase
XRP’s price trend since late October highlights a confirmed uptrend with notable price appreciation. After hitting a peak in early December, the cryptocurrency entered a consolidation phase.
During this period, XRP maintained higher price levels compared to previous months, suggesting sustained investor confidence. This sideways movement appears to have built a foundation for further upward momentum.
Key Technical Indicators Suggest Bullish Momentum
Technical indicators underscore XRP’s bullish outlook. The Relative Strength Index (RSI) currently stands at 61.44, signaling upward momentum without reaching overbought levels. The RSI’s continued rise hints at further potential gains. Similarly, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line trending above the signal line. A positive histogram further reinforces increasing buying pressure.
Critical Support Levels Offer Stability
Support levels play a vital role in maintaining XRP’s price strength. The $2.20 level provided stability during the recent consolidation, acting as a safety net for the cryptocurrency. Additionally, the $1.80 level, previously a resistance, has transitioned into a crucial support, offering a strong foundation for price recovery in case of downward pressure.
Resistance Levels to Watch
XRP faces immediate resistance at $2.50, a key threshold that could determine its next move. Breaking this level would pave the way for testing the $3.00 mark, a significant psychological and technical barrier. If the $3.00 resistance is surpassed, the next target would be $3.50, aligning with historical price movements during XRP’s previous rallies.
