XRP has just made an important breakthrough by overcoming the resistance level, opening up a new strong bullish trend.
XRP's price is currently targeting historical highs of 3.20 USD and 3.40 USD, expecting to stimulate a surge in buying after an extended accumulation period.
MAIN CONTENT
XRP has risen above the bullish flag pattern, signaling that the strong upward trend will continue.
Elliott Wave analysis confirms the breakout signal, predicting that XRP’s price will advance further.
Support levels around 2.39-2.60 USD protect the upward trend, with the next target being the price range of 3.30-3.40 USD.
Which resistance levels has XRP overcome and what does it mean?
According to cryptocurrency experts, XRP breaking above the resistance level in the bullish flag pattern is a highly valid development, indicating an upcoming bullish trend. The price is currently above 2.70 USD, up more than 7% in 24 hours, creating expectations for a breakout.
Market statistics show that after a prolonged sideways trading period, XRP often experiences rapid price increases, reflecting high liquidity and strong market momentum.
In-depth analysis of the Elliott Wave pattern with XRP
Analysts based on Elliott Wave theory have observed the 'one-two setup' pattern on the XRP chart, often a reliable signal preceding a major breakout.
XRP succeeded with this model last year, showing high reliability in predicting volatility.
Expert Alan Mulally, cryptocurrency analyst, 2024
This model predicts not only the near-term progress but also the next peaks, reflecting the thorough preparation of investors for the bullish phase.
What is the potential price and current support level of XRP?
XRP is currently targeting price levels from 2.90 to 3.00 USD, with the potential to return to the historical peak of 3.30-3.40 USD, according to analysis from experienced traders.
Technically, the area between 2.39 and 2.60 USD is considered a solid support zone, preventing selling pressure around the current time, helping maintain a long-term bullish outlook.
As long as it stays above this support zone, XRP is expected to continue its journey to conquer new peaks in Q2 2024.
Dr. Nguyễn Hữu Thanh, cryptocurrency market analyst, 2024
How is XRP different from other cryptocurrencies when it breaks out?
XRP stands out with rapid straight price increases and does not extend corrections like many other altcoins. This characteristic provides high profit opportunities for experienced traders and holders.
Moreover, the liquidity factor and strong buying move from the whale community further strengthen the upward trend, helping XRP maintain sustainable momentum in a complex market.
Trusted forecasts about XRP’s future price for investors
Financial reports and on-chain analysis from Q1/2024 show that XRP has a chance to re-establish its ATH if it maintains its current liquidity and buying power. This view is shared by many CEOs and cryptocurrency experts around the world.
Frequently Asked Questions
What resistance level has XRP recently broken? XRP just broke the bullish flag pattern, the price remains above 2.70 USD, paving the way for the next upward trend.
What does Elliott Wave predict about XRP? The 'one-two setup' pattern indicates a high likelihood that XRP will continue to rise significantly in the near future.
What is the important support level for XRP right now? Support is in the range of 2.39-2.60 USD, helping to maintain the upward price movement.
What is the next target price for XRP? The important threshold is at 3.30-3.40 USD, and the historical high is likely to be tested again.
What makes XRP different when it breaks out compared to other altcoins? XRP typically rises quickly and has less adjustment, while many altcoins have more complex volatility.
Source: https://tintucbitcoin.com/du-bao-gia-xrp-bien-dong-thi-truong/
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