After six months of fluctuating between $ 2 and $ 3, Ripple (XRP) seems to be preparing for an upward outbreak. According to market analyst Poseidon, there are clear technical signals that indicate an end to the long -term consolidation phase. But how high could XRP rise?
XRP for months in a close bandwidth
The consolidation of XRP started in December 2024, shortly after the impressive rally, with the rate rising by 480% in a month to almost $ 3. Since then, XRP moves sideways between roughly $ 2 as support and $ 3 as resistance. Attempts to break out, both up and down, were always neutralized by buyers or sellers who came into action at these psychological levels.
On 26 May, XRP reached a new higher top (Higher High) at $ 2.36, which, according to Poseidon, indicates renewed power in the market. In addition, De Munt managed to regain the 200-periods exponentially advancing average (EMA) on the 12-hour graph, a classic bullish signal. According to the analyst, an earlier failed outbreak confirms that the Bears are losing ground.
Course of $ 4 in sight
Poseidon states that XRP must break a falling trend line that has been above the course since 12 May. That line is currently around $ 2.40. A successful breakthrough can clear the road for a new upward phase with a price target of $ 4. This would mean an increase of approximately 75% compared to the current rate of $ 2.30 and mark a new all-time high.
Another analyst, stupid, has been watching the XRP course for months compared to the American crude oil price (usoil). Strangely enough, this trading couple tells a very clear story. According to him, XRP shows on this few strength despite the recent volatility. He states that an outbreak of the top of the range would be a clear signal for a new rally. He calls movements below this level “noise”.
After months of consolidation, there are several technical signals that indicate an upcoming outbreak. If XRP closes above the $ 2.40 trend line, the road to $ 4 could be open. Both the USD and USoil graphics support this expectation. But that of course does not mean that this will happen. If Bitcoin (BTC) corrects, it becomes pretty difficult for XRP to take a different path.
Source: https://newsbit.nl/xrp-koers-komt-langzaam-tot-leven-analisten-raken-enthousiast/
