XRP is gaining traction as bullish sentiment builds around the cryptocurrency. Currently trading at $2.4525, XRP has pulled back from its recent high of $2.5900, retesting the $2.42 support level. This support zone, previously broken after the SEC ruling favored XRP, is now acting as a key level that could determine the next major price move.
Key Levels to Watch
The $2.42 support level is critical for XRP’s price action. If buyers successfully defend this zone, the cryptocurrency could see a rebound toward $2.59, potentially breaking through to challenge the $2.71 resistance. A sustained move above this level could set the stage for a bullish surge toward $3.00, a significant psychological resistance. Beyond $3.00, XRP could enter a long-term uptrend, attracting further investor interest.
XRP recently broke out of a consolidation range between $2.22 and $2.42, signaling bullish momentum. The breakout from an ascending triangle pattern on the 1-hour chart further supports the potential for an upward continuation. Historically, such breakouts lead to rapid gains, making the current setup favorable for a rally.
Also Read: Analyst Declares ‘XRP Bottom Is In’—Is a 500% Rally to $14 Next?
Bearish Scenario: What Happens if $2.42 Fails?
If the $2.42 support level fails, increased selling pressure could push XRP down to $2.30. A stronger bearish wave may extend the decline toward the $2.00 – $1.80 support zone, potentially triggering a downside breakout of the ascending triangle. This scenario would shift sentiment to the downside, leading to short-term losses.
What’s Next for XRP?
Traders and investors should keep a close eye on the $2.42 support level. A successful hold above this mark could fuel a rally toward $3.00, while a breakdown might lead to further downside pressure. Given the heightened market volatility, XRP’s price action in the coming days could be pivotal in shaping its longer-term trend.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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