The XRP price is gaining attention again, with strong support suggesting a possible bullish trend. Analyst The Alchemist Trader forecasts that XRP may soon climb to $3.
XRP Aim Points Towards $3 Resistance
According to a TradingView analysis, The Alchemist Trader believes XRP could reach significant resistance at $3. He sees the next target as the mid-range and Point of Control (PoC) at $2.80, noting the critical barrier at around $3, where a bearish order block and channel midpoint intersect.
The analyst highlighted the current price movements, stating XRP is in a crucial consolidation within its long-term upward trend. He provided a technical overview of XRP’s current position, noting that the price successfully retested the channel’s lower boundary.
He pointed out that this level corresponds to the 0.618 retracement of the previous price movement, forming a strong demand zone. The analyst also discussed the moving averages and volume metrics, stating that XRP has stayed above its 200-day moving average, indicating strong buying interest.
Moreover, recent rebounds from the channel low were accompanied by above-average trading volumes, suggesting institutional buying at this support level. An overnight price swing created a higher low above the monthly Value Area Low (VAL), helping to solidify support and entrap short sellers. With a breakout over prior highs, XRP confirmed a transition to a bullish market structure.
Building Momentum for XRP
In a recent post, analyst CasiTrades noted that momentum is increasing as XRP nears significant Fibonacci levels. She observed the market’s quietness lately but mentioned that XRP is approaching a vital support area that has seen crucial tests in recent weeks.
She pointed out that after a gradual decline from the local peak at $2.36, XRP is nearing a pivotal support range between $2.078 and $2.00, which previously acted as a turning point.
On shorter timeframes, CasiTrades commented that the Relative Strength Index (RSI) shows indications of selling fatigue, with price movements beginning to constrict. This generally hints at an upcoming significant shift. She anticipates that the token will strengthen at these levels and surpass $2.25, $2.68, and potentially higher.
Currently, XRP is trading around $2.13, reflecting a rise of over 1% in the last 24 hours, based on data from CoinMarketCap.
