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XRP

Analyst Warns That No Matter What Direction XRP Price Takes, The End Result Is Still The Same

Scott Matherson
by Scott Matherson
1 hour ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An analyst’s recent chart review shows XRP holding steady around the $2.80 level while forming a structure that has historically preceded bigger moves. The analysis points to two possible short-term outcomes, yet both lead to the same bullish conclusion in the long run.

Bullish Technical Analysis For XRP

XRP has spent the past week moving around $2.80, with repeated tests of both higher levels at $2.88 and lower levels at $2.71 failing to deliver a decisive breakout. 

Related Reading: XRP Price Final Low: Here’s The Target To Watch For Next Recovery

The most recent three-day candlestick chart shows how XRP has created three consecutive bearish candlestick while support has held close to $2.72. This period of consolidation comes after months of volatility that saw the token retrace back below $3 in September.

Against this backdrop, a new technical analysis posted on the social media platform X shows two possible short-term scenarios for XRP, both of which point to the same long-term bullish outcome. 

The analyst noted that the altcoin closed just over $2.80 in the latest three-day candlestick session, and this coincided with the appearance of hidden bullish divergence on the chart’s relative strength index (RSI). This divergence is a signal of underlying strength in spite of the most recent price downtrend. 

XRP
Source: Chart from Guyon on X

According to the analyst, this setup is consistent with its behavior ever since it broke away from the $0.50 price zone. As it stands, the altcoin is now forming a structure that precedes a strong bullish move, although the next move depends on the weekly close.

Two Possible Paths In The Short Term

Looking at the candles and support zones drawn on the chart above, the analysis outlines two different bullish possibilities. The first is what the analyst calls an April 7th moment. 

Related Reading: XRP Price Is ‘Firing On All Cylinders’ As Super Rare Bullish Setup Emerges

On April 7th earlier this year, XRP experienced a sharp dip that saw it lose the stable $2 support level back then before finally settling at $1.79. This sharp dip brought the price down to retest its ascending support line before bouncing strongly higher in the weeks that followed. 

A similar move now would see the asset retreat toward the trend line. This time, the price target is around $2.40, which is highlighted with the pink circle in the chart above. This will effectively reset momentum before launching into the next leg of the rally.

The second outcome, however, would play out without the need for that deeper correction. If the $2.72 support zone continues to hold, XRP could turn higher from its current price and begin reclaiming levels above $2.90 and $3.00 much sooner. This scenario would represent a more direct continuation of the bullish trend, with buyers stepping in aggressively to defend current support. 

Both outcomes differ in their immediate impact on price action, but each route ultimately leads to the same destination: higher levels for XRP. At the time of writing, XRP is trading at $2.88.

XRP
XRP trading at $2.85 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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