XRP is consolidating above the $2 key support zone, eyeing a breakout above $2.30. Is a bull rally on the cards?
XRP is maintaining a bullish structure and appears poised for an uptrend rally. As of press time, the coin is trading at $2.17, representing a 1.30% price surge over the past 24 hours, according to CoinMarketCap. Despite a low trading volume, technical analysis points to a mid-term rally as buyers step in, strengthening XRP’s bullishness.
A look into XRP’s technical setup
XRP’s biweekly chart shows a wide price consolidation with the $2.00 acting as a key support zone. According to analyst Crypto Joe, a break above the $2.30 key resistance level could see XRP bulls rallying in the coming weeks. With the current setup, the coin needs to hold above $2.00 to increase the chances of a price uptrend. A break below this level could lead to further downside.
Technical analysis reveals that XRP bulls could be eyeing a rally towards the $2.99 key resistance level in the short term following a breakout. If buyers step in with a high buying volume, the market could see XRP hit $3.40 and $3.79 in the long run, before bulls get exhausted. One should watch for buying volume and open interest around the $2.30 key level for deeper insights on XRP’s next move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
