A new technical analysis reveals that the price of XRP has just confirmed a bullish reversal setup on the 1-hour chart, following a strong bounce from a critical demand zone. This development has raised expectations for a potential short-term rally, with a cryptocurrency analyst predicting higher targets in the upcoming sessions.
The pseudonymous analyst from TradingView, ‘FrankFx14’, revealed that the price of XRP found solid support between the support area of $2.31246 and $2.37028. The analyst also identified this range as a historically significant demand zone, where previous buying pressure consistently reversed price declines. When the price of XRP fell to this demand zone on May 17, buyers intervened, defending the lower boundary and triggering a sharp rejection. According to the analyst, the confirmation came with a bullish engulfing candle — a widely recognized signal of a potential trend reversal. Trading at approximately $2.378 at the time of the chart analysis, XRP is now holding the top of this key demand zone, indicating renewed buying interest. The TradingView analyst suggested that as long as the price remains above $2.37028, the bullish outlook for XRP remains intact.#BTCBreaksATH110K
According to the TradingView specialist, the presence of the bullish reversal setup for XRP is supported by the LuxAlgo Supply and the Visible Demand Range indicator. With XRP's price action breaking above its local bottom, the analyst points to $2.4939 as the next key level to watch. This price marks the average level of a previous supply zone and a likely area of resistance. The next bullish target for XRP is $2.6031. The analyst described this point as a significant supply zone where sellers previously gained control. These price zones are now considered primary targets for short-term traders positioned for potential upside. FrankFx14 urged traders to wait for more confirmations, highlighting that strong trading volume and candle closes above the $2.375 level would be key to validating XRP's continued upward movement.#BinanceAlphaAlert
XRP has officially broken out of a long-term Descending Wedge pattern, generating optimism, with analysts like Crypto Avi believing that a mega rally may be on the horizon. According to his chart analysis, the token is now positioned for a medium-term increase, targeting new all-time highs around $4.90. Currently trading at $2.29, an increase to this bullish target would represent a significant 114% increase for the altcoin. The chart illustrates that the cryptocurrency has been trapped in a descending channel since late 2024, consolidating into a pattern seemingly recognized as bullish. XRP is currently testing the breakout level of the Descending Wedge, which may now act as support. A sustained move above this level could confirm the analyst's bullish thesis, paving the way for a potential rise toward $4.90. $XRP
