- XRP nears key $2.74 resistance as volume doubles, signaling strong buying pressure and potential for bullish breakout.
- Analysts note wave 5 formation and Fibonacci targets, projecting XRP could surge past $5, $17, or even $111 in this cycle.
- Inverse head and shoulders pattern forms with neckline at $2.2470; breakout could confirm upward continuation.
XRP is gaining renewed attention as analysts and traders assess multiple bullish signals that could influence its next upward move. The token has risen by 7% in the past 24 hours, now trading at around $2.28.
Its 24 hour trading volume has surged to $5.3 billion, nearly double the previous day. This increase in liquidity suggests increased interest and broader market activity. Recent technical setups, combined with analyst projections, are fueling speculation about XRP’s long term price outlook.
XRP Approaches Key Resistance
XRP’s price action indicates consolidation just below a major resistance point near $2.74. This level marked a previous peak and is critical for confirming the next breakout. The price action suggests an early wave 5 formation within an impulse pattern as per analyst Javon.
From a broader perspective, XRP has respected a macro ascending trendline since its 2020 bottom around $0.1137. This steady pattern of higher lows aligns with accumulation phases observed during earlier cycles.
The asset previously peaked at $3.31 in early 2018, corresponding to a Fibonacci extension near 2.414. Javon’s predictions place the next potential wave peak around the 2.272 and 2.414 fibonacci levels.
Analysts Pinpoint Breakout Patterns
Javon Marks noted XRP could reach nearly $111 this cycle based on historical performance. This projection equates to more than a 50 times move from current levels. Meanwhile, Egrag Crypto notes an ascending broadening wedge with an upper boundary between $5 and $6.
A sustained move above that zone could open a path toward $17, according to Egrag’s analysis. Another pattern is an inverse head and shoulders identified by analyst Ali. The left shoulder formed in early April, with the head reaching a low of $1.6129 around April 7.
The right shoulder established higher support on April 22. The neckline, a key resistance zone, is near $2.2470. XRP recently approached this neckline, with prices trading above $2.27.
Fibonacci Targets Guide Next XRP Price Levels
A Fibonacci retracement from the $1.6129 low to the recent $2.28 high indicates key support levels. Notably, prices found support near the 0.382 and 0.618 retracement levels, strengthening the bullish setup.
Above the neckline, Fibonacci extensions suggest potential price targets at $2.4591, $2.5776, and $2.7580.
XRP’s price action is near critical resistance, with volume spikes offering additional confirmation. Monitoring whether price can push through and sustain above the neckline is essential, which may validate the inverse pattern and support the broader bullish structure.
