- XRP surged past resistance, confirming a bullish breakout. Analysts now target $3.80, with extended goals at $5.85.
- The RSI and Ichimoku Cloud indicate strong buying pressure, supporting XRP’s bullish trend and higher price targets.
- An inverse head and shoulders pattern suggests further gains, with key resistance at $3.3999 and long-term potential at $5.85.
XRP has successfully broken a key resistance level, confirming a bullish market structure. The price surged above a descending resistance trendline, triggering increased buying pressure. Currently, XRP trades at $2.59642, marking a 3.86% daily gain. Analysts highlight an inverse head and shoulders pattern, suggesting further upward movement. The next major resistance zones lie at $3.14473-$3.32003, with a projected target of $3.31700.
Source: Charting Guy
XRP Eyes a Strong Breakout Towards Higher Levels
XRP’s price action follows an Elliott Wave pattern. Wave (1) initiated an uptrend, while wave (2) corrected near the 70.20% Fibonacci retracement at $2.2219. After a consolidation phase, wave (3) is expected to push XRP toward the $3.80 region.
Moreover, wave (5) could extend the price to $5.85 if bullish momentum sustains. The Relative Strength Index (RSI) further supports the uptrend. The RSI has crossed above the signal line, indicating increasing momentum.
Additionally, the Ichimoku Cloud reinforces a bullish trend. XRP’s price has emerged above the cloud, confirming strength in buying pressure. The previous descending wedge pattern has now flipped into an upward trajectory. Consequently, traders anticipate XRP to continue forming higher highs and higher lows, solidifying bullish momentum.
Key Support and Resistance Zones to Watch
Support levels currently stand at $2.22, aligning with the Fibonacci retracement zone at $2.27404. If XRP holds above this level, the price could maintain an upward trajectory. Moreover, the next key resistance stands at $3.3999, followed by $5.85 as a long-term target. If XRP sustains momentum, it could test these levels soon.
Source: Dark Defender
The 1-day timeframe confirms a breakout from prior resistance, with price action trending above key levels. The inverse head and shoulders pattern further supports a bullish continuation. The left shoulder, head, and right shoulder align with historical support, reinforcing strength in the current breakout.
Besides, trendlines and diagonal resistance levels indicate a prior descending wedge formation. The breakout above this structure suggests strong bullish sentiment. The upper resistance at $4.36346 could serve as an extended price target if XRP maintains its trajectory.
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