XRP Poised for $5.85 as Downtrend Ends, Technical Indicators Confirm Uptrend
- RP is holding above key support levels, signaling a potential breakout.
- The bounce at $1.91 confirms the downmove is complete and upward momentum is building.
- Technical indicators point to the stock going up to $5.85, according to analysts.
- Key support at $2.30 and resistance at $3.39 will determine the course ahead.
Ripple (XRP) is holding strong above its crucial support level and seems to be on the verge of a huge upward move. XRP shows strong performance recently and strongly rebound from $1.91, showing that the XRP downward trend is over, and now XRP is preparing for its next leg up and could hit higher price targets and reach a new all-time high.
Currently, XRP is trading at $2.35 and slightly up by 1% in the last 24 hours. Moreover, its trading volume is slightly down by 5%, with a 24-hour trading volume of $6.23B and a market cap of $136.65B. XRP is on the positive price trajectory from over the last week, and its up by almost 12%.
XRP Poised for Huge Move Towards $5.85
Market experts have highlighted key technical signals that suggest XRP could be on the verge of a significant breakout. Crypto analyst Javon Marks pointed out a breakout in XRPs Relative Strength Index (RSI).
According to Marks, the last time XRP experienced a similar RSI breakout, its price surged nearly 6X, recording an 470% increase. If history repeats itself, XRP could be preparing for another leg up.
Moreover, another analyst, Dark Defender, also emphasized the bullish outlook. He noted that XRPs primary correction on the weekly, daily, and 4-hour charts has concluded. While minor fluctuations are expected, he believes XRP has already started Wave 1, with a price target of $5.85.
As the bullish run of XRP is ongoing, the traders are watching closely at the important price levels. Key support levels on the downside are at $2.30 and $2.22 levels that may serve as firm cushions to the probable pullbacks.
On the upside, resistance at $3.39 and $5.85 are key obstacles. Breaking out above these would further drive XRPs price, building on its bullish momentum. With strong technical indicators and growing market optimism, XRP is poised for an explosive breakout.
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Read more: https://www.tronweekly.com/xrp-poised-for-5-85-as-downtrend-ends/
Text source: TronWeekly
