XRP has recently broken above its neckline resistance, confirming a bullish double-bottom breakout that analysts believe signals a potential price surge toward $30. This breakout indicates strong buying pressure, setting the stage for a major rally based on historical technical patterns.
Analyst Steph Is Crypto points out that once a double-bottom pattern is confirmed, XRP’s price typically rises, with projections based on the height of the pattern from the breakout point. The bullish sentiment is reinforced by increasing trading volume, which suggests growing institutional interest and investor confidence. Furthermore, XRP’s price is expected to move toward $30, as there is little resistance between current levels and the projected target.
However, analysts caution that XRP must maintain support at the $2 level to avoid a decline toward $1.25, as highlighted by a potential head-and-shoulders pattern. This $2 support is crucial for sustaining upward momentum and preventing a reversal.
With the broader cryptocurrency market entering a potential altcoin season, driven by factors like the rising demand for stablecoins and the Federal Reserve’s policy decisions, XRP could see increased investor interest. Recent developments, such as Ripple’s filing of a trademark for crypto asset custody software, further add to the bullish outlook, with some speculating that XRP could surpass the $30 target in the coming months.
As of now, XRP’s price is $2.34, reflecting a 1.95% increase in the last 24 hours, as it continues to build on its positive momentum.
Related topics:
Cathie Wood’s Ark Invest Expands Bitcoin Holdings With $80M Buy
