The post Is XRP Set To Rally? Traders Eyes on $2.60 appeared first on Coinpedia Fintech News
XRP, Ripple’s native token, is strongly holding its key support level at $1.95, even after a major price drop in recent days. The daily chart shows that XRP has retested this level more than eight times, and each time, it has bounced back with strong upward momentum.
XRP Price Action and Technical Analysis
However, this time, the asset’s price has failed to show upside momentum due to the ongoing bearish market sentiment and is instead consolidating within a tight range, which is still better than breaking below this key level. Amid the current market uncertainty, several other assets have failed to hold their key levels and have experienced significant declines
XRP Price Prediction
According to expert technical analysis, XRP appears neutral, as the overall sentiment is bearish, making it unreasonable to label it as bullish. Currently, the asset’s price is near a key support level of $1.95 and has been consolidating within a tight range between $1.95 and $2.20 for over a week.
On the smaller timeframe, XRP has formed a bullish inverted head and shoulders pattern, and the price is on the verge of a breakout. Based on recent price momentum, if XRP breaks out of the pattern and closes a four-hour candle above the $2.22 level, there is a strong possibility it could soar by 16% to reach the $2.60 level in the coming days.
However, on the daily timeframe, XRP has already formed a bearish head and shoulders pattern, but its neckline is receiving support from the 200 Exponential Moving Average (EMA), which appears to be helping the asset stay above the key level.
Current Price Momentum
At press time, XRP is trading near $2.12 and has experienced a modest price decline of 0.50% in the past 24 hours. During the same period, its trading volume dropped by 60%, indicating lower participation from traders and investors compared to the previous day.
