In a strong display of momentum, the XRP price has once again breached through the $3.50 price level. This shows increasing positivity for the token, as it has broken out of the range after a long time. Furthermore, this also highlights the rising interest of traders and investors in it.
The breakout also records a bullish flag pattern in the weekly time frame. Thus, providing possible evidence of a much larger rally in the future with a projected target of up to $15.
Moreover, XRP has grown by more than 22% in the last seven days and approximately 81% in the last 30 days. With the listing price just above $3.50 and a high of $3.66, the chart mentioned by market analyst Ali Martinez showed a strong bullish future.
The flag pattern breakout on top was accompanied by a large bullish candle and increasing volume. In the past, bullish flag breakouts have generally achieved the targets equivalent to the distance of the original flagpole. Looking at this instance, the upper point of the flagpole came to be about $2.50 in height starting from somewhere around $0.5.
When the breakout level is extended above the breakout area of around $2.60 – $2.70, then the potential technical observation on XRP lies at around $14 – $15. On the other hand, Bitcoin and Ethereum are in consolidation phase and therefore capital is rotating into large-cap altcoins with XRP being one of the main beneficiaries.
The amounts of crypto that have already been moving in and out of wallets have been rising over the last several weeks, which is often an indicator of parabolic action.
The nearest resistance should be at the psychological price of $4 with the next resistance at $4.70 that was the high during the year 2021. If XRP turns extremely bullish or major developments take place, this would direct the value to $6 and later on to $10.
On the contrary, losing its ground of $3.30 would result in it plunging toward its lower support levels of $2.70 or $2.50 in the upcoming time.
Also Read: US Senators Unveil 2025 Crypto Market Structure Bill Draft
