XRP Targets $3.82 Following Flag Breakout and Fibonacci Analysis
Despite a significant correction in the crypto market, Bitcoin has dropped to $93,500, while XRP remains resilient.
XRP Price Dynamics
- XRP trades at $2.47 after intraday drops of 1.13% and 2.81%.
- The price retests a broken resistance trendline, part of a bullish pattern with potential for trend continuation.
- The RSI is above the halfway mark, indicating a positive trend.
- Exponential moving averages align positively, supporting bullish sentiment.
Price Targets
- Short-term targets for XRP are set at $3.42 and $3.82.
- XRP must surpass the $3.42 psychological resistance to maintain its upward trajectory.
- Key support levels are at the 50 EMA line around $2.10 and the $2.00 psychological mark.
Technical Analysis Insights
- Peter Brandt identifies a bullish breakout from a triangle pattern as XRP crosses $2.50.
- The ATR indicates low volatility at 0.177, while ADX suggests weakening momentum at 15.48.
- Rising ATR points to increasing bullish sentiment, despite declining ADX indicating lost momentum.
Fundamental Factors
- Gary Gensler's expected resignation from the US SEC may enhance bullish sentiment for XRP.
- This leadership change could stimulate speculative trading in XRP and the wider crypto market.