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XRP Price Marks Confluence Support, Technical Indicators Put Next Stop At $3

The XRP price is again in focus, with the altcoin’s confluence support providing a bullish outlook and hinting at a bullish continuation. Based on these technical indicators, crypto analyst The Alchemist Trader has predicted that XRP could soon rally to $3. 

XRP Price Could Reach Key Resistance At $3

In a TradingView post, The Alchemist Trader indicated that the XRP price could reach the major resistance at $3. This came as he predicted a rise to the range mid and Point of Control (PoC) at $2.80 as the next logical step. He added that the primary hurdle lies at the previous high near $3, where the channel’s midpoint and bearish order block coincide. 

The analyst also commented on the current price action, noting that the altcoin has entered a pivotal consolidation phase within its long-term up-channel. He further gave a technical breakdown of the key elements underpinning XRP’s current setup. First, he revealed that the price has retested the rising channel’s lower boundary and held “flawlessly.”

XRP

The Alchemist Trader noted that this same level aligns with the 0.618 retracement of the prior impulse, creating a robust demand zone in the process. The analyst then touched on the moving average (MA) and volume structure. He revealed that the XRP price has reclaimed and hovered above its 200-day MA, which signals buyer control. 

Furthermore, recent bounces off the channel low are said to have seen above-average daily volume, indicating institutional accumulation at that confluence. Meanwhile, an overnight swing for the altcoin formed a higher low above the monthly Value Area Low (VAL), reinforcing support and trapping the bears. With a break above the previous swing high, XRP has confirmed a shift to higher highs, completing a bullish market structure flip. 

Momentum Is Building For The Altcoin

In an X post, crypto analyst CasiTrades stated that momentum is building as the XRP price approaches key Fibonacci levels. She acknowledged that the market has been relatively quiet lately, but remarked that momentum is picking up and that the altcoin is dropping to one of the most critical support tests seen in weeks. 

The analyst further noted that after a steady pullback from the local high at $2.36, the price is now approaching a key support region between $2.078 and $2.00. This zone is said to have acted as a pivot point in the past and is where the market could start to turn if strength returns. 

Meanwhile, on the lower timeframes, CasiTrades stated that the Relative Strength Index (RSI) is showing signs of selling exhaustion, and the price action is beginning to compress. This often signals that a bigger move is on the horizon. The analyst predicts that the token will gain strength from these supports and break past $2.25, $2.68, and “beyond.”

At the time of writing, the XRP price is trading at around $2.13, up over 1% in the last 24 hours, according to data from CoinMarketCap.

XRP

from Bitcoinist.com https://ift.tt/LTX9ZBJ
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