The Upcoming Breakthrough That Could Result in $3
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The XRP price is gearing up for a potential leap towards the $3 mark, with aspirations to escape its current consolidation stage. This price behavior indicates that a significant rally may be imminent. An analyst who predicted this optimistic trend maintains a broadly favorable view of XRP’s future trajectory, but he also warns of the possibility of a false breakout leading to a price drop.
XRP Price Prepares for Significant Surge Towards $3
In a recent hour-by-hour chart review, ArShevelev, a crypto analyst on TradingView, noted that XRP has been forming several compact consolidation patterns. The colored triangular designs on the price chart showcase the consolidation formations developed in recent weeks. These triangles indicate that price action has been relatively stable, suggesting uncertainty prior to a breakout.
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As XRP is poised to break free from its current consolidation, ArShevelev forecasts that the cryptocurrency could soon reach the $3 mark, reflecting a 37% rise from its present market value. At the moment, XRP is trading around $2.19, having bounced back sharply from a key support level near $2.05. This support area is considered critical, as maintaining above it will uphold the bullish structure of the altcoin.
Looking ahead, the TradingView analysis reveals a prevailing bullish sentiment, with price movements aligning with XRP’s growing support line. A new consolidation triangle has emerged, and based on historical trends, XRP may break upward from this formation, targeting an initial price point of $2.36.
A prominent “highway to moon” indicator on the price chart signals a successful breakout that could elevate the price toward $2.60 and potentially ignite a broader rally to reach $3. In his analysis, ArShevelev marked a previous support level at $2.21, where buyers initially entered, considering it a crucial area for XRP to maintain.
Positive Setup for the Altcoin: Breakout or Deception?
Even though XRP’s technical setup and potential escape from consolidation appear encouraging, ArShevelev advises caution since the market can be unpredictable. Cryptocurrencies exhibit significant volatility, and unsuccessful breakouts are not unusual, particularly when the price hovers just beneath resistance for too long.
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Should XRP not securely break through the $2.29 resistance level, the analyst anticipates a sharp decline toward the $2.21 support level. Any further retreat could lead to a larger price drop to significant support, with a possibility nearing $2.05. This expected price decrease is termed a “fakeout,” where XRP gives the impression of starting a rally but then sharply reverses course.
Thus, while technical indicators favor a potential upside breakout for XRP, the TradingView analyst remains uncertain whether it will result in a genuine breakout to new heights or merely a false breakout.
Featured image from Medium, chart from Tradingview.com
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