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Recently, XRP managed to break a long-standing descending trendline and currently lingers above the support level of $2.20. This area has been resisting the past few weeks, but currently, the price action has turned into a support zone. The buyers still express interest in the market above these levels, which strengthens the breakout.
Its rate is constant at close to USD 2.27, after a daytime peak of USD 2.29. This bullish trend shows that there might have been a shift towards a bullish trend. Provided the support is retained, traders can expect more resistance levels, which are expected to be at the $2.80 level.
Short-Term Strength Technical Indicators Alert
On the time frame chart, XRP increased just after a few days of consolidating around the price of 2.20 dollars. It recorded more than 1.8 percent in the session and surpassed some minor resistance levels. This trend implies strengthening purchasing activity in the near future.
The Moving Average Convergence Divergence (MACD) indicator is in a bullish crossover, which indicates that the asset can still increase its price. The current move is also justified by the volume level, which is on the rise as the price rises. Continued price support at the levels of $2.26 and $2.27 could strengthen the further movement in the direction of the potential estimated rates corridor.
Market project XRP to gain 29 percent on the upside, with support still holding
An independent chart analysis suggests a target price of about $2.81. The recent breakout structure and measured move method suggest a 29% upside projection. To make this target viable, the XRP will have to maintain above the $2.20 area.
To validate the direction of the trend, traders are watching short-term moving averages and volume. Under stable market developments, the next significant resistance for XRP may be located in the following sessions.
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 research before making financial decisions.
