- XRP is trading around $2.43 and retesting its 20-day EMA support at $2.388
- If support holds, XRP could target the $2.60 resistance level
- One analyst highlights the importance of holding above $2.50 for continued bullish momentum
XRP is trading at $2.43, a slight decline of over 1% in the past 24 hours, and is retesting the 20-day exponential moving average (EMA) at $2.388 as a support level, shows the data from CoinMarketCap .
If this support level holds firm, XRP could potentially aim for the $2.60 resistance level in the near term. Successfully reaching this level might attract increased buying interest from investors and traders.
What Long-Term Pattern is Being Observed for XRP?
Crypto analysts are closely observing a long-term technical pattern that indicates the possibility of a significant rally for XRP. A bullish and rather far-fetched projection of $1,452.81 has been outlined based on the breakout of a multi-year “bull flag” pattern.
Crypto analyst “Steph is Crypto” has shared a chart on X, highlighting this bullish scenario. According to the analysis, XRP has been consolidating within a downward-sloping channel since 2018.
The recent breakout from this long-term structure suggests a potential shift in the token’s price momentum, potentially setting it up for an exponential rally.
The analyst suggests that, based on the flagpole projection, XRP could see a parabolic rise towards the $1,452.81 price target over the course of the coming years.
Realistic (Short-Term) Price Levels for XRP
In the shorter term, crypto analyst Dom has emphasized the importance of XRP maintaining a price level above $2.50 to sustain its current bullish momentum. He describes the current price structure as “very constructive,” indicating that a stable hold above this level would be a positive signal for buyers in the market.
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Adding to the technical analysis, a symmetrical triangle pattern is also forming on longer timeframes for XRP. This type of pattern is generally considered bullish and typically appears after a price rally followed by a period of consolidation.
If XRP manages to successfully break out above the upper trendline of this symmetrical triangle, it could potentially rally towards a price target of $4.20 by May.
Courtesy: Trading View
Related: Ripple CTO Fires Back at IMF’s Claim, Insists XRP Doesn’t Qualify as a Security
Technical Indicators
The Relative Strength Index (RSI) is currently at 51.44, which indicates neutral momentum in the market for XRP. However, an increase in the RSI above the 55-60 range could signal renewed buying pressure and a potential upward trend.
Moreover, XRP’s price is currently testing the midline of the Bollinger Bands (BB) at $2.3428. If XRP moves decisively above the upper band of the Bollinger Bands, which is currently at $2.6078, it could indicate increased volatility and strengthening bullish momentum.
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