The price of XRP shows clear signs of consolidation within a narrow bullish pressure pattern after its recent decline below the $2.4 level over the weekend. This pullback has not weakened the overall bullish trend, but rather it has been part of a healthy corrective movement that is typically followed by a strong price surge.
Technically, a symmetrical triangle is now forming on the daily charts, which is typically considered a signal of an impending price explosion. What increases the likelihood of this scenario is the decline in trading volumes alongside a gradual rise in the lows, indicating that buyers are quietly dominating the market.
The push towards the $5 level is no longer a distant dream, especially if the upper resistance line of the current pattern, which is currently around $2.8, is broken. Breaking this barrier will open the door for a rapid upward wave that may target $3.5 as the first goal, then extend to higher levels as momentum increases.
Additionally, recent positive news regarding the settlement of Ripple's issues and the potential listing of XRP on new trading platforms supports this scenario. Institutional investor interest is also on the rise, adding another dimension to potential buying power.
Although the forecasts are encouraging, it is essential to monitor support levels around $2.2, as breaking them could delay this bullish scenario without completely negating it.
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