XRP has experienced significant volatility this year, reaching a peak of $3.39 in January before dipping nearly 30%. However, the cryptocurrency is once again showing signs of recovery. Currently trading at $2.47, XRP has risen by 38% from its recent low of $1.79. This surge follows Ripple’s resolution of its legal dispute with the SEC and the company’s move to secure a new license in Dubai.
Price Analysis and Predictions:
Looking at the 4-hour chart, XRP bounced off a key support level at $2.37, aligning with the 50-4H exponential moving average (EMA). Should XRP break through the resistance at $2.46, the next target would be $2.77, which represents a key Fibonacci retracement level.
Crypto analyst Dom highlighted on X (formerly Twitter) that XRP needs to maintain its position above $2.50 to sustain its upward momentum. He emphasized that the chart looks “very constructive,” suggesting a positive outlook for buyers if XRP stabilizes around this level.
Technical Indicators and Bullish Sentiment:
The Relative Strength Index (RSI) is currently above 60, indicating strong demand without signaling an overbought condition. Additionally, a symmetrical triangle pattern is forming on longer timeframes, typically a bullish signal after a rally followed by consolidation. If XRP breaks above the upper trendline of this triangle, analysts predict it could surge to $4.20 by May, following a dramatic 575% price increase from late 2024 to early 2025.
Resistance Levels and Potential for Further Gains:
The Binance liquidation heatmap shows that major resistance levels for XRP are located at $2.66 and $2.98. If the price surpasses the $2.66 mark, it could trigger a wave of liquidations, driving the price even higher.
With strong support, favorable technical indicators, and a potentially bullish pattern, XRP’s outlook remains promising. If the token can maintain its upward trajectory, analysts foresee a breakout to $4.20 in the near future.
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