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The XRP price is getting ready to surge to new highsas bulls attempt to hold a critical resistance level. Recently, the cryptocurrency experienced a major breakdownas market downside pressure increased. If it can break above its descending resistance, analysts believe it could bounce back above $3 soon. XRP Price Set To Skyrocket Above $3
A Pseudonymous TradingView crypto analyst known as “MyCryptoParadise” has outlinedXRP’s future price trajectory, predicting a surge toward $3.3 for the popular cryptocurrency. The analyst shared a chart outlining key support and resistance levelswhile evaluating potential breakout and pullback scenarios. Related Reading XRP Price About To Make A New All-Time High Run To $5? Here’s What The Chart Says 3 weeks ago
In his price chart, the TradingView crypto expert highlighted that XRP is at a critical juncture, with bulls fighting to maintain momentumand hold onto a crucial resistance level after experiencing a sharp pullback from recent highs. XRP had triggered this massive price pumpafter hitting a major support zone between $2.00 and $1.95 — a level where buyers stepped in aggressively. However, the cryptocurrency failed to maintain its bullish momentum and experienced a pullback.
Currently, XRP is holding above the critical support zone around $2.3 to $2.2. The TradingView analyst has asserted that XRP bullsmust defend this support area to keep the cryptocurrency’s bullish setup active or risk a downturn. Source: MyCryptoParadise on Tradingview
If buyers can maintain controland keep accumulating tokens around the support zone at $2.3 – $2.2 for the next few hours, the TradingView expert believes that XRP could see a major recovery back to previous highs around the $2.7 – $2.8 resistance zone.
While the altcoin’s current structure suggests an impending breakout, its descending resistancetrendline still poses a potential threat to its upside momentum. Previously, this descending resistance rejected multiple price rallies, acting as a major obstacle to XRP’s price growth.
For XRP to confirm its bullish setup and initiate a significant breakout, the TradingView crypto analyst has suggested that it must close above the $2.85 level with substantial volume. If the cryptocurrency surpasses $2.85, the next major target could be $3.2 to $3.3 — a level where sellers are likely to step in aggressively.
Overall, XRP’s fundamentals remain solid and possibly bullish. However, failing to clear the descending resistance could invalidate this setup and potentially lead to another rejection and a drop to new lows. Analyst Sets Seemingly Impossible Target For The Altcoin
While other market analysts share conservative price projectionsfor XRP, one expert, known as ‘Steph is Crypto’ on X (formerly Twitter), has seta rather ambitious target for XRP. The analyst believes that XRP is gearing up for an explosive price rally to $30. Related Reading XRP Bulls Shake Off Crash, Target This Major Resistance On The Road To $3.85 1 month ago
Notably, XRP is currently trading below all-time highs at $2.56, meaning a surge to $30 would require a 1,100% increase in value. Considering the magnitude of this rally, the analyst’s prediction was met with skepticismfrom community members who suggested that such a scenario was seemingly impossible. XRP trading at $2.6 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com