XRP Price Prediction: Accumulation Phase Signals Potential Rally to $2.40
- XRP trades at $2.04 with a 1.84% daily gain, showing early signs of bullish momentum despite broader market weakness.
- Technical analysis points to a potential breakout toward $2.40, aligning with a key Point of Control and descending resistance.
- Recent liquidity sweeps suggest accumulation, though the long-term trend remains bearish with lower highs and lows.
- A confirmed breakout above the downtrend line is crucial before signaling a full trend reversal.
Ripple (XRP) is showing a positive momentum and experiencing a surge in its price. However, the XRP price is hit by market volatility and is showing a bearish trend on the higher timeframes. Its price over the last week is down by 4.55%, and over the last month it is down 8.52%.
Currently, XRP price is trading at $2.04 with a 24-hour trading volume of $6.55B and a market cap of $119.44B. The XRP price increased 1.84% in the last 24 hours, showing stability and signs for further upward momentum.
Source: Coinmarketcap
XRP Recovery in Motion, $2.40 POC Level in Focus
Moreover, the crypto analyst Doji highlighted that XRP may be gearing up for a significant move, with current price action suggesting a potential run toward the $2.40 level.
This target coincides with a major Point of Control (POC), a level of heavy volume, that also crosses a downtrend line that serves as a point of resistance since XRPs last advance. The combination of these technical elements sets up the $2.40 zone as a high-probability magnet for price in the coming weeks.
Source: X
Although the broader trend remains bearish, marked by a consistent structure of lower highs and lower lows, recent developments show signs of a potential range forming. A major Head and Shoulders (H&S) pattern triggered downside pressure earlier, but the recent sweep of liquidity, likely flushing out leveraged shorts, appears to have set the stage for a bounce. Price is recovering from those lows presently, reflecting potential accumulation in an emerging range.
However, there remains caution. Although the ongoing momentum may push XRP up towards the $2.40 resistance level, traders must be mindful that a clear breakthrough of the downward trendline must happen before it is concluded that a genuine trend change has occurred. Until such time, this remains a tactical play in a still-delicate macro environment.
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Read more: https://www.tronweekly.com/xrp-price-prediction-accumulation-phase-signals-potential-rally-to-2-40/
Text source: TronWeekly
