An analyst predicts the next price movement of XRP after surpassing the resistance of USD 2.50
The price of XRP has recently surpassed the resistance mark of USD 2.50, prompting analysts to reassess its potential future movement. As XRP navigates through the volatile market conditions, its current structure and technical indicators suggest possible short-term gains. With increased investor confidence and Ripple's ongoing legal victories, the outlook for the cryptocurrency appears optimistic.
The strong support of XRP at USD 2.40 could drive further growth
XRP has shown great resilience in testing key support levels, especially around the mark of USD 2.40. Despite previous declines, XRP maintained a stable structure, staying above the crucial 0.5 retracement level. The support zone of USD 2.40 is considered vital for sustaining its upward momentum. As long as this level is held, analysts predict that XRP could be poised for greater growth.
The next target is considered the resistance zone of 2.65 to 2.70 dollars, with a possible breakout of this range that would provide a clearer path to new highs. However, if XRP fails to break this resistance, it could face further consolidation or a pullback to deeper support levels.
The launch of XRP futures has already had a notable effect on its price, with an increase of more than 12% to reach USD 2.57 shortly after the announcement. This increase reflects the growing interest in XRP from institutional investors seeking hedging and speculation opportunities.
