The XRP price is getting ready to surge to new highs as bulls attempt to hold a critical resistance level. Recently, the cryptocurrency experienced a major breakdown as market downside pressure increased. If it can break above its descending resistance, analysts believe it could bounce back above $3 soon.
XRP Price Set To Skyrocket Above $3
A Pseudonymous TradingView crypto analyst known as “MyCryptoParadise” has outlined XRP’s future price trajectory, predicting a surge toward $3.3 for the popular cryptocurrency. The analyst shared a chart outlining key support and resistance levels while evaluating potential breakout and pullback scenarios.
In his price chart, the TradingView crypto expert highlighted that XRP is at a critical juncture, with bulls fighting to maintain momentum and hold onto a crucial resistance level after experiencing a sharp pullback from recent highs. XRP had triggered this massive price pump after hitting a major support zone between $2.00 and $1.95 — a level where buyers stepped in aggressively. However, the cryptocurrency failed to maintain its bullish momentum and experienced a pullback.
Currently, XRP is holding above the critical support zone around $2.3 to $2.2. The TradingView analyst has asserted that XRP bulls must defend this support area to keep the cryptocurrency’s bullish setup active or risk a downturn.
If buyers can maintain control and keep accumulating tokens around the support zone at $2.3 – $2.2 for the next few hours, the TradingView expert believes that XRP could see a major recovery back to previous highs around the $2.7 – $2.8 resistance zone.
While the altcoin’s current structure suggests an impending breakout, its descending resistance trendline still poses a potential threat to its upside momentum. Previously, this descending resistance rejected multiple price rallies, acting as a major obstacle to XRP’s price growth.
For XRP to confirm its bullish setup and initiate a significant breakout, the TradingView crypto analyst has suggested that it must close above the $2.85 level with substantial volume. If the cryptocurrency surpasses $2.85, the next major target could be $3.2 to $3.3 — a level where sellers are likely to step in aggressively.
Overall, XRP’s fundamentals remain solid and possibly bullish. However, failing to clear the descending resistance could invalidate this setup and potentially lead to another rejection and a drop to new lows.
Analyst Sets Seemingly Impossible Target For The Altcoin
While other market analysts share conservative price projections for XRP, one expert, known as ‘Steph is Crypto’ on X (formerly Twitter), has set a rather ambitious target for XRP. The analyst believes that XRP is gearing up for an explosive price rally to $30.
Notably, XRP is currently trading below all-time highs at $2.56, meaning a surge to $30 would require a 1,100% increase in value. Considering the magnitude of this rally, the analyst’s prediction was met with skepticism from community members who suggested that such a scenario was seemingly impossible.
Featured image from Adobe Stock, chart from Tradingview.com
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