XRP is one of the most closely monitored altcoins recently, with many notable developments from parent company Ripple. However, despite Ripple seeing many positive signals, the price of XRP continues to struggle. Amid the sell-off wave, buyers have struggled to maintain support above $2.2 at this moment. This has led to the formation of a new inverted head and shoulders pattern, which could signal an impending reversal.

Analyst Emphasizes the Formation of a Bullish Trend for XRP Price

In a new analysis, cryptocurrency analyst TheSignalyst shows that the price of XRP has begun a new bullish phase. This time, the Inverted Head and Shoulders pattern typically signals a strong price increase. This formation not only occurs at a key crossover point but also happens when buyers maintain strong support levels.

In the market's downward trend, the price of XRP has managed to hold above the $1.75 and $2 levels, which analysts consider an important threshold. The return to this support level has sparked a new wave of price increase, and the price of XRP may be ready for another upward trend from here.

Currently, all eyes are on this support level, and TheSignalyst reveals that if XRP can hold this level, the upward momentum could begin. They point out the green neckline, shown on the chart just above $2.3, which is the resistance level that needs to be broken for the price to rise in the short term.

In the long term, the analyst believes that the price needs to break completely above $2.66. This would be a confirming factor for the continuation of the bullish trend. If this setup is maintained, the analyst predicts the peak of the pattern will reach a high of $3.3 in the long term.

Analysts Predict Prices Will Be Higher

Calls for a price increase for XRP are growing louder, especially as investors begin to bet again. Analyst Crypto Virtuos points out that XRP trading volume has significantly increased by 125% within 24 hours as interest has once again surged.

Amid this growth, cryptocurrency analyst, like TheSignalyst, also explains that the $2.3 level is the barrier currently holding back the price of XRP. Therefore, this cryptocurrency needs to break through this level if it wants to continue the upward trend.

At the time of writing, the price of XRP is trending down below $2.3, with selling pressure showing signs of exhaustion. Once the selling stops, buyers may trigger another price increase to retest the resistance level of $2.3 again.