XRP Outlook: Is it about to take off or face a severe correction?
#xrp technical analyst TREDMASTER_69 highlighted the formation of a classic double-bottom "W" pattern on the chart. Momentum continues to build, with the RSI rising and the MACD turning positive. Furthermore, on-chain data, such as rising whale holdings and declining exchange balances, suggest further upward price potential.
Early analysis (such as that of Pampa1) suggests that key short-term support lies between $2.22 and $2.25. If XRP can successfully break through the $2.30-2.32 levels, a significant upward trend could be initiated. If trading volume supports this trend, these key levels could serve as catalysts for price increases.
Community-curated data suggests growing institutional adoption of XRP. Major financial institutions such as SBI Remit, Santander, MoneyGram, Goldman Sachs, and PayPal are reportedly leveraging the RippleNet network to facilitate cross-border payments, providing strong support for XRP's long-term value.
Nathi's Crypto notes that 73% of XRP traders on Binance currently hold long positions, reflecting bullish market sentiment. Meanwhile, recent data indicates that approximately $12.5 million in XRP has flowed out of exchanges, potentially moving to cold wallets for long-term storage.
XRP recently broke above its 7-day EMA at $2.06, and the MACD confirmed a bullish crossover signal. A sustained close above $2.24 could push the price towards the $2.40-$2.47 range, with potential gains above $2.70. Traders are closely monitoring the $2.05 support area. A break could signal a slide towards $1.77 or even lower, further strengthening the bearish trend, especially given weakening momentum.
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