XRP is gaining momentum after a strong recovery from recent lows, and several top analysts point to a critical price level that could determine the next big move for this cryptocurrency. Currently trading at $3.18, this cryptocurrency has increased by over 4% in the past week, and technical indicators are showing potential for even stronger gains.
Analyst Number 1: XRP's $3.33 Barrier and $5.85 Target
Analyst Dark Defender notes that XRP recently bounced precisely from the $3.33 level, identifying this as a critical barrier. He believes the market may accumulate down to $3.05 until this resistance level is broken. According to him, breaking through the $3.33 level could open up opportunities for rapid growth, with short-term targets of $4.39 and $5.85.
Analyst Number 2: 'V-Shaped Recovery'
Similarly, the CryptoBusy team has highlighted the potential formation of a 'V-shaped' pattern on the XRP/USDT chart. This comes after the price broke out of a long-term downtrend, with the breakout point at $1.90 now serving as a strong support level.
They also consider the resistance level at $3.33 to be key. If the upward momentum is maintained, there is a high likelihood that the price will move towards the $3.70–4.00 range.
Analyst Number 3: XRP Tests the Bull Flag Pattern
Lark Davis points out another bullish signal, noting that XRP has recently broken out of a descending flag pattern. The token is currently testing the upper trendline of that flag as support, fluctuating around the $3.20–3.25 range.
According to Davis, maintaining this support level could propel XRP towards the $4.00 mark, and possibly extend to $4.50. However, if this support level is not maintained, the price could return to the $3.00 or $2.80 levels.