Ripple (XRP) Price Analysis: Technical Pathways to Breaking the $3 Barrier
Ripple is on the verge of breaking above a crucial resistance at the wedges upper boundary of $2.5. A successful breakout could trigger a fresh rally toward the $3 threshold.
XRP Analysis
The Daily Chart
Following an influx of buyers at the key 200-day moving average support near $2.1, XRP has surged toward a decisive resistance area. This critical region includes the upper boundary of the prolonged wedge pattern at $2.5, which poses a robust barrier for buyers. A breakout above this level, followed by a successful pullback, could initiate a bullish rally toward Ripples all-time high of $3.4 in the mid-term.
Conversely, a rejection at this resistance would likely lead to a consolidation phase within the wedge, providing the market time to rebuild momentum. Overall, XRP remains confined between the wedges upper boundary and the 100-day and 200-day moving averages, awaiting a breakout to define its next major direction.
The 4-Hour Chart
On the 4-hour timeframe, Ripples push toward the $2.5 wedge boundary highlights increasing bullish pressure. However, the price has faced a mild rejection at this level, prompting a retracement to the short-term support zone at $2.3. This area is likely to provide a temporary floor.
XRP currently trades within a narrow range between the $2.3 support and the wedges upper boundary. The most probable scenario is a bullish breakout above this structure, which would pave the way for a continuation toward the $3 resistance zone.
The post Ripple (XRP) Price Analysis: Technical Pathways to Breaking the $3 Barrier appeared first on CryptoPotato.
Read more: https://cryptopotato.com/ripple-xrp-price-analysis-technical-pathways-to-breaking-the-3-barrier/
Text source: CryptoPotato
