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The XRP price is holding strongly above $2, maintaining its momentum as technical indicators show signs of a bullish trend. Notably, a distinct Falling Channel on the XRP price chart suggests that a breakout could be brewing, with a potential rally toward $3.8 in sight. XRP Price Holds Steady As Bulls Target $3.8
A technical analysis by Rose Premium Signals revealsthat XRP is currently flashing strong bullish signals following a breakout from a long-term Falling Channel. Earlier in January, XRP broke past $3but experienced a strong correction that has kept its price down ever since. Despite the ongoing downtrend, XRP has been firmly holding above the $2 thresholdas it prepares for new all-time highs. Related Reading What Happens To The XRP Price If The 2017 Fractal Plays Out Again? 3 days ago
Previously, XRP traded within a descending range for several months, forming lower highs and lower lows. However, recent price action has seemingly invalidated this downtrend structurewith a decisive breakout above the upper boundary of the Falling Channel, indicating a potential trend reversal and the beginning of a bullish continuation.
The chart shared by Rose Premium Signals on X (formerly Twitter) shows that after the breakout, XRP has been consolidatingabove the former resistance-turned-support zone, around the $2 level. The analyst confidently states that XRP’s outlook remains inherently bullishdespite past downtrends, suggesting that the recent consolidation pattern indicates that bulls are still in control. Source: Rose Premium Signals on X
Notably, the breakout above the Falling Channel is significant, as it typically implies a strong upside move, especially on higher time frames. Projected price targets based on technical formation are positioned at $2.9520, $3.3967, and $3.8767. Interestingly, the highest projected target exceeds XRP’s all-time high of $3.84and reflects a 73.54% increase from current price levels.
It’s important to note that these bullish targets forecasted by Rose Premium Signals align with historical resistance zones and measured moves from the Falling Channel breakout. If momentum sustains and market conditions remain favorable, XRP could rally toward these targets over the coming weeks, potentially offering significant upside for long-term holders and traders. Analyst Says Buy The Dip, With Ideal Entry At $1.85
While forecasting several optimistic targets for XRP, Rose Premium Signals emphasized a strategy of buying the altcoin during dips. This method aims to capitalize on low price points to maximize potential gains as XRP rebounds. Related Reading Wave Count Analysis Reveals The XRP Price Trigger Point For Take-Off 1 week ago
The analyst‘s chart highlights the $1.85 support level with a clear “Buy Here” label, suggesting that this level is considered an ideal entry point should the price revisit it. Currently, XRP is trading at $2.23, meaning a drop to $1.85 would represent a 17.04% decrease. According to the analysis, this support level also marks the base of the recent Falling Channel breakout, providing a favorable risk-reward setup for those looking to enter or expand their positions. XRP trading at $2.25 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com