XRP retains midline support that led to breakouts in the past, why next $2.9
XRP price has shown great strength recently and it didn’t break the support for $2 on the weekend’s proposal. This shows that the Bulls are in full control, providing a backup that emerges correctly from here. As the integration continues, XRP prices have been forming a bullish channel structure. The possibility of rest from here is growing, and the new monthly peak will be the result.
XRP price maintains channel structure
Crypto Analyst Viprose has Point out It forms an interesting structure on the XRP price chart, and it continues to keep it. Altcoin’s prices have been popular in the rising channel, which has formed as the market drops. Apart from that, AltCoin has managed to maintain mid-line support at the 0.618 Fibonacci level, which is very bullish on prices.
The reason is that the 0.618 Fibonacci level has been a bullish point for XRP prices in the past. As the crypto analyst explained, it often acts as a launch pad, holding on this level, always providing support for upward movement. So, as XRP prices continue here, this may be a bounce point to further restore prices.
Given that the bulls have established strong support, the bullish channels formed are particularly important. From here, XRP prices are more likely to test resistance levels on the upper end rather than dropping to retest support levels.
First, it can be seen from last week’s uptrend and subsequent bearish trends that the XRP price will need to clear $2.4, which shows the greatest resistance. Analysts suggest that as long as the price keeps the main support level at $2.18-$2.22, which is consistent with the important 0.618 and 0.786 Fibonacci levels, the next step is bullish.
How much higher can the price?
If the bullish continuation is confirmed, the XRP price is expected to start rising from here. As the trend recovery may have been confirmed, at least 10% of the action. As the uptrend continues, Altcoin prices are expected to reach its peak from January.
The crypto analyst explained that the expected movement based on the height of the channel structure, starting a break here will bring the XRP price to as high as $2.9206. This will be a more than 20% turnover and the first step to testing new all-time highs. “Please note the volume confirmation on the bounce – the setting remains active as long as XRP stays above critical support,” the analyst concluded.
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