XRP price movement shows signs of a potential trend reversal, attracting the attention of cryptocurrency analysts and traders.
The recent formation of a bullish pattern has led to expectations of a 15% increase from current levels. Analysts point to strong on-chain activity and technical indicators supporting bullish momentum. The digital asset is currently stabilizing above $2, a level considered critical for short-term price direction.
A potential breakout may soon test the expected target of $2.65, if market conditions remain supportive.
●▪︎The XRP price pattern indicates a breakout.
According to chart analyst Ali, XRP is forming an Inverse Head and Shoulders (IH&S) pattern, which is often seen as a setup for a bullish reversal.
This structure emerged after a notable downward trend, with the price now showing bullish signals. The pattern features two shallow bottoms on either side of a deeper drop, indicating seller exhaustion.
The neckline has already been breached, which is a key resistance level around $2.32. The recent move above this level indicates that buyers are in control of the market. If the pattern continues fully, XRP could rise toward the expected target of $2.65, approximately 15% higher than its current price.
The chart shows that XRP reached a low near $1.90, forming the head of the pattern. Since then, the asset has steadily risen, breaking the neckline. The rise that surpasses the Fibonacci retracement level of 0.786 supports bullish expectations, indicating increasing momentum.
Analysts often use Fibonacci levels to track potential price reversals or continuation areas. With XRP now surpassing this threshold, confidence in the upward price movement has increased.
The neckline at the $2.32 level may now act as a support area, a level that traders are closely monitoring for signs of sustained strength.