- XRP is consolidating within a bullish pennant pattern, with key resistance at $2.73 and potential to surge to $11.
- XRP’s price declined 1.50% in 24 hours, with trading volume dropping 25%, signaling cautious sentiment among traders and investors.
- Technical analysis indicates XRP could rise over 40% to $4.50 if it holds above $2.30 and confirms bullish momentum.
XRP, the native token of Ripple Labs, is capturing attention with its recent price action on the daily timeframe. The token is forming a bullish pennant pattern, signaling potential upward momentum. Amid this development, a notable crypto analyst has shared a bold prediction, suggesting that XRP could rally to $11 in the near future.
Consolidation and Key Resistance Levels
Currently, XRP is trading at approximately $2.42 and remains in a consolidation phase. The token has faced resistance at the $2.73 mark, keeping its price within a narrow range. The analyst observed that XRP’s current pattern resembles a flag and pole structure, often associated with strong bullish trends.
However, before XRP can break past the $2.73 resistance, a pullback to $2.05 remains possible. This potential retracement aligns with technical expectations during periods of consolidation. If the token successfully breaches the $2.73 level and closes a daily candle above it, it could gain the momentum needed to achieve the $11 target.
Trading Volume Decline Highlights Cautious Sentiment
Moreover, XRP has experienced a 1.50% price decline over the past 24 hours. During the same period, its trading volume dropped by 25%. This decline indicates reduced participation from traders and investors despite the overall bullish outlook. Lower trading volumes during consolidation often reflect cautious market sentiment, with participants waiting for a decisive breakout.
Technical Analysis Supports Potential Upside
Furthermore, technical analysis corroborates the optimistic outlook for XRP. The token recently broke out of a bullish flag and pole pattern and is now retesting the $2.40 breakout level.
However, if XRP holds above $2.30 and closes a daily candle above this threshold, it could confirm further bullish momentum. This scenario suggests a potential rally of over 40%, taking XRP’s price to $4.50 in the near term.
Moreover, a decisive breakout above $2.73 could set the stage for a more significant rally. The confluence of bullish indicators underscores the possibility of a strong price surge if key resistance levels are breached.
