The XRP price has shown a lot of strength recently, and through the weekend drawdown, it did not break support at $2. This has shown that the bulls have completely taken control at this point, providing the backup needed to properly surge from here. As the consolidation has continued, the XRP price has been forming a bullish channel structure. A break from here is growing more likely, and new monthly peaks would be the result.
XRP Price Holds Channel Structure
Crypto analyst VIPROSE has pointed out an interesting structure that has formed on the XRP price chart, which it continues to hold. The altcoin’s price has been trending inside a rising channel that formed with the market decline. In addition to this, the altcoin has also managed to hold the midline support at the 0.618 Fibonacci level, which is very bullish for the price.
The reason for this is the fact that the 0.618 Fibonacci level has always been a point of bullish recovery for the XRP price in the past. As the crypto analyst explained, it has frequently acted as a launchpad and holding at this level has always provided support for a strong upward move. Thus, as the XRP price continues to hold here, it is likely that it will be a bounce-off point for further price recovery.
The bullish channel that has formed is especially important, given the fact that bulls have already established strong support. From here, it is more likely that the XRP price would move to test resistance levels at the upper ends rather than suffer a decline to retest support levels.
Firstly, the XRP price would need to clear $2.4, which has been showing the most resistance, as seen from last week’s rise and subsequent bearish trend. The analyst suggests that as long as the price holds the key support levels at $2.18-$2.22, which are aligned with the important 0.618 and 0.786 Fibonacci levels, then the next step is a bullish continuation.
How High Can The Price Go?
If the bullish continuation is confirmed, the XRP price is expected to keep rising from here. An at least 10% move for a start as a trend resumption is confirmed is likely. As the uptrend continues, the altcoin’s price is expected to move toward its peaks from January.
The crypto analyst explains that based on the projected move of the height of the channel structure, a break from here would put the XRP price as high as $2.9206. This would be an over 20% move and the first step toward testing new all-time highs. “Watch for volume confirmation on the bounce — the setup remains valid as long as XRP stays above key support,” the analyst concluded.
Featured image from Dall.E, chart from TradingView.com
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