Ripple (XRP) 
$1 has gained 6% in the last 24 hours, surpassing the $2.70 mark. This altcoin, which is experiencing upward momentum in the cryptocurrency market, is testing a significant resistance level. The $2.65 – $2.80 range has historically posed a strong barrier. If XRP breaks above $2.80 and establishes it as a support level, a rise to $3 could be anticipated.
Potential Bullish Formation for XRP
The price chart for XRP indicates a formation suggesting bullish potential. According to technical analysis, if the $2.80 level is surpassed, a formation known as the “cup and handle” could be completed. This would signal a substantial rise for XRP.
For this formation to solidify, the daily candle must close above $2.80. If this occurs, the technical target for XRP would be its all-time high of $3.37. Currently, price movements are being observed within the $2.65 – $2.80 range. If no breakout occurs, another rejection and pullback may be on the table.
What Happens to XRP Price in the Short Term?
XRP is currently trading near a critical resistance point. If the $2.80 level cannot be breached, the price may decline again. In this scenario, the nearest support level is around $2.50, with a stronger support zone between $2.25 and $2.30.
Technical indicators are signaling short-term bullish trends. While the XRP price is declining, key technical indicators like the Relative Strength Index (RSI) have formed higher lows. This is considered a bullish divergence. Currently, a short-term upward movement is expected, but whether the price can sustain above $2.80 is crucial.
