XRP’s price hits a strong resistance zone near $2.15 where sellers have limited gains before.
A hold above $2.15 could push XRP price toward higher targets between $5 and $9 in months.
The latest monthly candle patterns show indecision that will shape XRP’s next price direction.
XRP is currently testing a major resistance level after a notable price increase. The monthly chart on Bitstamp reveals a critical zone where XRP has struggled to break through. This level has acted as resistance several times over the years. The main question is whether XRP can sustain this level or face downward pressure in coming months.
Source: X Key Resistance Zone on Monthly Chart
The monthly candlestick chart of XRP displays a clear resistance band near the $2.15 to $2.40 price range. This horizontal zone has historically limited price advances. Past attempts to move above this zone resulted in retracements.
Several prior rallies on XRP stalled near this resistance. The chart shows multiple wicks piercing the level but closing below it. This pattern suggests strong selling interest around this price point. Such resistance zones play a vital role in shaping market trends.
Recently, XRP surged sharply and reached above this resistance. However, it appears to be consolidating within this range. The price candles show indecision with small bodies and wicks, indicating a battle between buyers and sellers. This consolidation phase is crucial for the next directional move.
Candlestick Patterns and Market Sentiment
The latest monthly candles show a formation resembling a "gravestone doji." This pattern often signals a possible reversal or indecision in market direction. Traders typically view such candles cautiously, as they may precede pullbacks.
Despite this, some market voices argue the setup could be a "bullish retest." This implies the resistance might now act as support, confirming the strength of buyers. The discussion around this formation reflects differing opinions among market participants.
The balance between bulls and bears is evident in the current price action. A sustained close above the resistance zone would indicate bullish momentum. Conversely, a failure to hold this level might signal a return to previous lower ranges.
Potential Price Targets and Outlook
If XRP manages to hold above this resistance, the next price targets could be significantly higher. Analysts suggest a range between $5 and $9 as possible future levels. Such targets represent a strong upside potential compared to current prices.
Price action following this resistance zone will be closely monitored. A breakout with volume confirmation would reinforce bullish expectations. Alternatively, a rejection may lead to a retracement to support areas near $1.00 or lower.
Traders and investors are paying attention to these technical levels for guidance. The coming months may determine whether XRP continues its upward trend or faces renewed selling pressure. The unfolding chart patterns present an important decision point for the market.
