XRP is holding steady above the $2 mark, maintaining upward momentum as technical indicators show signs of a bullish trend. Notably, a distinct downward channel on the XRP price chart suggests a potential breakout may be forming, with the possibility of a price increase to $3.80 in sight.

XRP Holds Steady as Buyers Target $3.80

Technical analysis from Rose Premium Signals indicates that XRP is currently signaling strong bullish momentum after breaking out of a long-term downward channel. In early January, XRP surpassed the $3 level but experienced a significant correction that has kept the price low since then. Despite the ongoing downward trend, XRP remains firmly above the $2 threshold as it prepares for a new all-time high.

Previously, XRP had been trading within a descending range for several months, forming lower highs and lower lows. However, recent price action appears to have invalidated this bearish trend structure with a decisive breakout above the upper boundary of the downward channel, suggesting the potential for trend reversal and a resumption of bullish momentum.

The chart shared by Rose Premium Signals on X (formerly Twitter) shows that after the breakout, XRP has consolidated above the previous resistance area that has turned into support, around the $2 mark. The analyst confidently states that XRP's outlook remains bullish despite past downward trends, indicating that the recent consolidation pattern suggests buyers are still in control.

Notably, the breakout from the downward channel is significant, as it often implies a strong upward move, especially on higher time frames. The expected price targets based on the technical formation are positioned at $2.9520, $3.3967, and $3.8767. Interestingly, the highest projected target exceeds XRP's all-time high of $3.84 and reflects a 73.54% increase from the current price.

It is important to note that these bullish targets forecasted by Rose Premium Signals align with historical resistance areas and measured moves from the breakout of the Falling Channel. If the upward momentum continues and market conditions remain favorable, XRP could reach these targets in the coming weeks, potentially providing significant gains for long-term holders and traders.

Analyst Advises Buying on Price Dips, with an Ideal Entry Level of $1.85

While forecasting some optimistic targets for XRP, Rose Premium Signals emphasizes a strategy of buying altcoins during downturns. This approach aims to leverage low price levels to maximize potential profits as XRP recovers.

The analyst's chart highlights the support level of $1.85 with a clear "Buy here" label, indicating that this level is seen as an ideal entry point if the price returns to that level. Currently, XRP is trading at $2.23, meaning a drop to $1.85 would represent a decrease of 17.04%.

According to the analysis, this support level also marks the base of the recent downward channel breakout, providing a favorable risk-reward setup for those looking to enter or expand their positions.