- XRP’s breakout from a pennant pattern signals continued bullish momentum ahead.
- Whale activity and strong indicators suggest XRP may see further price gains.
- Key resistance levels at $2.70-$2.75 could trigger fresh bullish momentum.
XRP’s price action has shown strong bullish momentum since late November, signaling the potential for further upside. Following a breakout, the price entered a pennant/flag formation, suggesting a temporary pause in the uptrend as highlighted by Peter Brandt, an analyst. This consolidation is likely to precede a continuation of the prior upward movement, especially after a recent breakout that confirms the resumption of the rally.
Price Levels to Monitor
Support and resistance levels play a crucial role in understanding XRP’s price trend. On the support side, the 8-day moving average at $2.42 has proven to be a reliable level, acting as short-term support. Below that, $2.00 serves as a significant psychological level and a prior resistance-turned-support zone. Additionally, the $1.50 mark is an earlier breakout zone that could provide support if the price pulls back.
On the resistance side, XRP is currently testing the $2.70 to $2.75 range. A strong close above this level could trigger a fresh wave of bullish momentum. Looking further ahead, $3.00 represents a psychological resistance point, while $3.50 could be the upper extreme based on the previous upward trajectory and potential measured move from the pennant.
Indicators Suggest Continued Strength
Technical indicators are aligning with the strong bullish trend. The 8-day moving average remains supportive, while the 18-day moving average shows a clear upward slope, reinforcing the medium-term bullish outlook.
The ADX, a measure of trend strength, is at an impressive 50.84, signaling that the current uptrend is strong and likely to persist. Furthermore, the Average True Range (ATR) at 0.2682 suggests heightened volatility, which corresponds with the recent sharp upward price movements.
Whale Activity Indicates Strong Sentiment
As per analyst Ali Martinez’s data, whale activity has also contributed to XRP’s bullish outlook. In the last 24 hours, whales have accumulated an additional 30 million XRP tokens, further signaling strong market confidence. This large-scale buying activity often precedes major price movements, indicating that these large holders expect the price to continue its upward trajectory.
As of publication, XRP’s live price stands at $2.51, with a 24-hour trading volume of over $19 billion. While the price is down by 0.96% in the last 24 hours, the overall trend remains positive, with strong indicators suggesting that further price increases are possible in the near future.
