XRP Price Confirms Bullish Reversal Setup Above Key Demand Zone
A recent technical analysis indicates that the XRP price has confirmed a bullish reversal setup on the 1-hour chart after rebounding from a key demand zone. This has raised expectations for a potential short-term rally.
XRP Price Bullish Reversal Details
- The XRP price found support between $2.31246 and $2.37028, identified as a significant demand zone where past buying pressure reversed declines.
- On May 17, bulls intervened when the price dipped into this zone, resulting in a sharp rejection and confirmation via a bullish engulfing candle.
- XRP is currently trading at about $2.378, maintaining interest above the $2.37028 threshold which supports its bullish outlook.
- The presence of a bullish reversal is backed by indicators such as LuxAlgo Supply and Demand Visible Range.
- The next targets are set at $2.4939 and $2.6031, marking previous supply zones where selling occurred.
- Confirmation of bullish continuation requires strong trading volume and candle closes above $2.375.
Analyst Forecasts Major Rally
- XRP has broken out of a long-term Falling Wedge pattern, suggesting potential for a mid-term surge aimed at new all-time highs around $4.90.
- Trading at $2.29 implies a possible increase of 114% if it reaches the target of $4.90.
- XRP is testing the breakout level of the Falling Wedge, which could now act as support; a sustained move above this level is crucial for validating bullish projections.
