Is XRP Ready to Explode? Wyckoff Accumulation Points to $3.40 by May
- XRP is consolidating within a key resistance zone as market sentiment shifts, following a strong rally over the past year.
- Technical indicators suggest a potential breakout, supported by Wyckoff accumulation patterns and increasing trading volume.
- Growing institutional interest and speculation around a spot ETF position XRP as a major player in the future of global payments.
XRP is slipping back into an uptrend, experiencing a surge in its price as the broader market shifts to a bullish phase. Meanwhile, Bitcoin is showing signs of resilience, surging above the $90k zone, potentially setting the stage for a fresh wave of upward momentum across altcoins.
At the time of writing, the XRP is trading at $2.16 with a 24-hour trading volume of $3.13B and a market cap of $126.2B. The XRP price over the last 24 hours is up by 4.67%, and over the last week it is down by 2.82%, which shows the signs of stability and further upward momentum.
Source: Coinmarketcap
XRP Holds Key Support; Signals Bullish Move towards $3.40
According to the analyst, the broader crypto market is recovering, and XRP keeps critical support levels at $2.07; this stage is set for a breakout towards its resistance levels at $2.20 and $2.23. A break above$2.23 would be the first trigger of the bullish Wyckoff, validating the downtrend reversal. If true, XRP could be on the brink of a newgrowth phase fueled by market structure, fundamental demand, and a fresh wave of institutional wealth.
The assetis now starting to consolidate after climbing nearly 294% in the past year. Then theres the technical analysis answer that it is the same as the classic Wyckoff accumulation pattern, which usually leads to abig breakout. If the past is any guide, XRPwill have soared above $3.40 by late May and may even make a run for $3.70 by midsummer.
Source: X
And this bullish outlook is supported by increasing interest from institutions. The growing demand is seen in the increased activity on futures markets, leveragedETFs, and speculation around the potential approval of a spot ETF.
A lot of XRP is recognizednow as not just another speculative asset but as a real player in the global payment transaction infrastructure due to the high speeds of settlement and so much enterprise adoption to date.
Related Reading: Bitcoin Climbs Past $88K; On-Chain Data Backs Further Price Gains
Read more: https://www.tronweekly.com/is-xrp-ready-to-explode-wyckoff-accumulation-points-to-3-40-by-may/
Text source: TronWeekly
