XRP’s price is getting close to an important level that could shape where it goes next. Top analyst CRYPTOWZRD shared his take on X (formerly Twitter) about XRP’s daily price movements, giving his thoughts on what might happen soon. Right now, XRP is moving sideways, but traders are keeping a close eye on it to make opportunities from small price moves.
XRP is sitting at $2.25 right now, settling down after a big jump up earlier. The recent bullish momentum pushed the token above $1.07, identified on the chart as a “Key Bull Breakout Level.” Following this breakout, XRP’s price quickly climbed before settling into a range-bound movement between $2.05 and $2.80.
Support levels are positioned at $2.05, which served as a foundation for the recent rally, and $1.3250, a former resistance during earlier consolidation phases. Resistance is set at $2.80, with an intermediate level of $3.00 acting as a psychological barrier. Analysts suggest that breaking above $2.80 could pave the way for a move toward $3.65, potentially achieving a new all-time high.
Resistance at $2.80 Holds the Spotlight
Traders are watching that $2.80 mark carefully – if XRP pushes past it, we might see more gains ahead. Looking back at past patterns, these key price points often end up being where the market makes up its mind about which direction to take. If XRP’s price surpasses this resistance, analysts anticipate a strong move toward $3.65, aligning with a typical bullish breakout pattern.
Conversely, failure to maintain support at $2.05 could prompt a retracement to $1.3250. This underscores the importance of the current consolidation phase, where the market appears to be evaluating its next directional move.
Read also: Why Is BONK Price Pumping?
Analyst Comments on XRP’s Daily Performance
CRYPTOWZRD noted that XRP closed “indecisively,” reflecting the consolidation seen on the chart. The trader highlighted the potential for intraday volatility to provide trading opportunities, signaling a focus on short-term price movements within the established range.
The tweet aligns with the chart’s observations, emphasizing the indecision around the $2.80 level and the importance of monitoring price action for clues about future developments. Scalping opportunities are expected to arise as the market reacts to any changes in volatility.
Bullish Momentum or Further Consolidation?
The current trend for XRP remains bullish, bolstered by the earlier breakout above $1.07. However, the ongoing consolidation near $2.80 suggests a pause in the rally as traders assess market conditions. The coming days will be pivotal, with any breach of key levels likely to dictate the next significant move for XRP’s price.
Both the chart analysis and CRYPTOWZRD’s commentary point to an exciting phase for XRP, with traders and investors monitoring developments to determine whether a new high is on the horizon.
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