Throughout this week, the price of XRP has been on a steady incline, displaying a strong bullish trend on the daily charts. The recent days have seen a series of green candles, indicating a growing buying pressure within the market.
XRP is known for its sharp movements once momentum takes hold, whether upwards or downwards. Presently, XRP is clearly on an upward trajectory, having broken through a significant resistance zone between $2.55 and $2.62. The next major target for XRP now lies within the range of $2.80 to $3.00.
However, there is a concern as XRP is currently in overbought territory on the daily timeframe. This suggests that while the price is strong, there might be a potential pullback or slowdown before the next significant rise.
What’s Next for XRP Price?
If XRP manages to break and sustain above $3 in the upcoming days, it could swiftly advance towards its all-time high range of $3.30 to $3.40. Historically, XRP has shown a tendency to move rapidly once it gains momentum, and this time may not be an exception.
In case the price encounters resistance around $2.90 to $3.00, support is anticipated to reappear within the $2.55 to $2.62 range, which previously acted as a strong resistance zone. As long as the price remains above these levels, the overall outlook for XRP remains positive.
An expert analysis suggests that XRP established a robust support zone around $1.90, forming a triple bottom pattern. This was succeeded by an inverse head and shoulders pattern, which contributed to the price surge.
Following the breakthrough of crucial resistance levels at $2.33 and $2.32, XRP surged close to $3.00. Currently, the price is retracing near $2.77, but if this support level holds, the upward momentum could persist.
