XRP Bullish Reversal Strengthens, Eyes $2.24 Breakout Towards $5-8 Target
- XRP rebounded quickly from $2, showing strong buying interest.
- A breakout above $2.24 could confirm a bullish reversal.
- 90% of traders remain bearish, setting up a possible contrarian rally.
- Momentum and technical signals suggest a potential surge ahead.
Ripples XRP is showing strong signs of recovery after facing intense market volatility. Following a sharp drop to $2, the token quickly rebounded, signaling renewed buying interest. Now, XRP appears to be on the verge of a breakout, with analysts closely monitoring key resistance levels that could trigger the next leg up.
The broader crypto market has stabilized, with Bitcoin experiencing a slight bounce from its recent decline. This positive sentiment has provided support for XRP, which is gaining momentum as traders anticipate a potential rally.
At the time of writing, XRP is trading at $2.17, marking a 4.70% increase in the past 24 hours. The tokens 24-hour trading volume stands at $6.83 billion, while its market capitalization has reached $125.74 billion.
XRPs Potential for $5 to $8 as Rally Strengthens
Prominent market watchers see a bullish setup forming for XRP. EGRAG CRYPTO pointed out the unfolding Inverse Head & Shoulders pattern, a classic bullish reversal indicator. According to the analysis, a close above $2.24 (Fib 0.888) is the next minor target, potentially setting the stage for further gains.
Meanwhile, Dark Defender emphasized the significance of the $2.222 Fibonacci level, which the token needs to break for a sustained rally. The analyst also noted that while a revisit to $2.04 remains possible, the overall outlook suggests a strong uptrend heading into April and May. If the token follows historical wave patterns, the Wave 5 target sits between $5 and $8.
90% Bearish on XRP, A Setup for a Contrarian Rally?
Interestingly, 90% of traders remain bearish on XRP, a sentiment that some believe could fuel a contrarian rally. Historically, extreme pessimism has often preceded sharp price reversals, making the current setup even more intriguing for bullish traders.
With momentum building and technical signals aligning, the tokens breakout attempt is one to watch closely. A decisive move above key resistance could ignite a fresh surge, reinforcing its position in the crypto markets next bullish phase.
Related Reading | Dogecoin Eyes $11.71 as Historic Cycle Hints at Explosive 2025 Rally
Read more: https://www.tronweekly.com/xrp-bullish-reversal-strengthens-eyes-2-24-breakout-towards-5-8-target/
Text source: TronWeekly
