XRP Holds Above Key Support Levels as Price Targets $3.6 Breakout
XRP has stabilized above key support levels despite recent volatility. Technical indicators suggest a potential breakout, with the Relative Strength Index (RSI) indicating bullish momentum.
Key Insights
- XRP price is currently at $2.87, with a possible surge above $3.60 representing over 25% increase.
- The $2.85 level has transitioned from support to resistance; breaking above it may lead to further gains.
- A completed corrective ABC pattern on the daily chart indicates a new upward wave starting from $2.74.
- Momentum indicators target the $2.85 to $3 range, contingent on volume support for sustained movement.
- Analyst Greg Miller highlights a spike in XRP exchange reserves, reaching a one-year high, suggesting increased selling pressure.
- Historical data indicates that rising reserves often precede price corrections, raising caution among investors.
- Without increased demand to counterbalance the supply, a significant recovery beyond $3 remains uncertain.
