Ripple (XRP) Bulls Eye $3.10: Will February Mark a Bullish Breakout?
- XRP shows strong momentum with bulls buying dips below $3, signaling a potential bullish February if the trend continues.
- A monthly close above $3.10 could mark the start of a long-term bull market for XRP, potentially lasting decades.
- Volume analysis suggests the bullish trend remains intact, with no signs of a cycle top, indicating further upside potential for XRP.
As the monthly candle is getting close to its completion, XRP has some great momentum. The bulls have taken every opportunity to buy the dip below $3. In the recent X post, Egrag noted that this buying behavior is reminiscent of the accumulation surrounding the $2 level in the recent months during which the investors bought the dips. If the momentum continues, then there could be a positive result in the market in February.
Bullish XRP Outlook Ahead
The monthly closure above $3.10 is a significant level for XRP. Such a closure will indicate a probable bullish run in the coming weeks. However, some experts are quite bullish, and some of them have even stated that XRP may enter a long-term bull market, refer to as the Age of Aquarius, which can last for years or even decades. This would be a change in the markets perception of token, especially since the coin is currently trading at a low.
Apart from price action, the volume analysis is useful in predicting the future of XRP. Comparing the current candles volume with the previous major events, including the SEC lawsuit announcement and the April 2021 candle, volumes do not indicate the market is at a top. However, this shows that the bullish trend is still intact and there is possibility to increase in the near future.
Volume Key to Trend Reversal
In order to confirm that the price of cryptocurrency has reached a cycle top, a much larger volume spike, referred to as the GIGA VOLUME candle should be observed. If there is no such spike, the market seems to be in good shape and may continue its upward trend. This means that at the moment the bulls are still dominant with a possibility of more price increase.
The $3.10 level is being closely monitored by the traders. A close of price above this level on the monthly chart would provide more confidence to the bulls that XRP is heading higher. On the other hand, if the price of toekn is unable to hold this level, there could be some range bound action before the next move. At the time of writing, Ripple token is trading at $3.11 and has been up by 0.61% within the last 24 hours.
Source: TradingView
The price of XRP has been quite stable and has even managed to rebound from declines below $3. Bullish pressure is strong and as long as the buying pressure is maintained, coin is likely to rise. Nevertheless, the traders are suggested to focus on the volume in order to determine the possible trend reversal.
With the month coming to a close, traders are mainly focusing on the value of XRP at the close of the month. A sustained trade above $3.10 could pave way to a robust February while failure to hold this level may lead to consolidation in the nearest future. The next few days are going to be very important for the XRP price.
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Text source: TronWeekly
