XRP Price Indicates Positive Momentum with Potential Recovery to $4
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Following a brief consolidation phase and a potential drop below the significant $2 mark, XRP is beginning to exhibit positive trends. Over the last 24 hours, the cryptocurrency has gained 2%, even peaking at $2.2, thus preserving its strong position above a crucial support level amidst recent selling pressure.
Importantly, a detailed technical analysis on a trading platform indicates that XRP is on the verge of advancing towards $4.
Reduced Volatility Suggests A Shift From Bearish Sentiment
Recent movements in price have shown a gradual return of bullish sentiment to XRP. Notably, a crypto analyst identified a peculiar indication for XRP on the daily candlestick chart. Although unusual, this signal is interpreted positively, indicating bullish potential.
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In his assessment, the chart has shifted from segments of pronounced volatility and erratic swings, particularly distinct from December through early April, to a stage characterized by smaller candle formations and a tightening price range. Between April 13 and April 21, XRP’s daily candles shrank considerably, demonstrating low volatility even during price increases. This slight upward mobility was sufficient to break through a descending resistance trendline, which had been in place since January, characterized by lower highs.
A similar situation unfolded around April 28, as the price dipped slightly over a week but did not create new lows. Such price behavior, consolidating without significant breakdowns, is typically viewed as a sign of bullish continuation. The analyst interprets this positively, suggesting that bearish momentum is dissipating. Without negative action, negative momentum fades, allowing for consolidation before potential upward movement.
Preparing for Growth: The Bullish Outlook for XRP
The accompanying chart from the analyst supports this perspective. Since April 16, XRP has consistently rebounded from a well-defined support zone around $2.00. The highlighted accumulation area indicates that buyers are persistently stepping in as the price approaches this level.
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Crucially, every consolidation period since the low at $1.61 on April 7 has produced progressively higher lows, further validating a bullish trend. As the price continues to honor this zone, it sets the stage for a significant upward breakout.
The analyst anticipates a movement toward $4, highlighting a steep upward movement once the current range resolves in a favorable manner. The green arrow on the accompanying chart points directly toward this target.
As of the latest update, XRP is trading at $2.17, marking a 2% increase in the last 24 hours.
Featured image from Getty Images, chart from Tradingview.com
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