XRP Breaks Bullish Pattern, Eyes Major Breakout Potential
- XRP formed a bullish pattern in October, potentially preparing for a major breakout beyond the $0.65 zone.
- Key resistance levels need to be cleared for XRP to reach $3.317, with support at $0.2874 crucial for maintaining momentum.
- Market conditions and Ripples token ability to stay above critical support levels will determine its future growth trajectory.
Ripple (XRP) is attracting the attention as earlier in October, it formed a bullish pattern after a pull back. Experts believe that XRP is just about to fully rebound and may soon return to the $0.65 zone. This movement could potentially free XRP from a 6.5-7-year consolidation trendline which could be a major price breakout.
In an X post on Thursday, Javon Marks also shared his insights with the following take, the confirmed bullish pattern suggests that XRP could potentially rise above its present value. If Ripple surpasses the $0.65 level it could break through to a higher ground and possibly reach its previous high of $3.317.
XRP Faces Key Challenges
However, in a recent X post, Egrag Crypto revealed the obstacles that token still has to overcome. The analysis reveals that XRP is trading within a crucial support trendline and also reveals the key NO-NO ZONES, which are the price levels below which cryptocurrency needs not to trade to remain bullish.
Source: Chart by Egrag Crypto
The analysis also reveals historical price trends of Ripple coin and how the cryptocurrency has reacted to such trends. The token is at the critical level that can define its future in the following months and years, and whether a strong price growth is possible. There is major support at $0.2874 which is crucial to remain above especially to keep the upward trend going for cryptocurrency.
Although there are signs of growth in the technical aspects, analysts are not quite optimistic. However, for XRP, it has to spike through numerous resistance levels in order to witness a massive break out.
Ripple Token Market Outlook
Further, broader market conditions and the Ripples token capacity to preserve the trend towards growth will also affect the future dynamics of cryptocurrencies. At the time of writing, Ripple coin is still trading at $0.5278, which is 0.04% higher than it was one day ago.
Source: TradingView
While the crypto community pays attention to these events, the following weeks will be crucial for XRPs price. With the market in such a sensitive phase, investors should watch key levels as the market moves into a decisive phase that could either support the bullish view or present more price fluctuations.
Read more: https://www.tronweekly.com/xrp-breaks-bullish-pattern-eyes-major/
Text source: TronWeekly
