- XRP faces a critical moment as it tests key resistance and support levels.
- Despite recent declines, historical trends suggest a potential bullish breakout.
XRP is at a crossroads with the price reacting to an unexpected price move. The cryptocurrency had fallen 10.07% within the last 24 hours and 14.94% within the last week and traded at $2.22. Ali Martinez explained that the price of XRP is breaking an ascending parallel channel and targeting a move toward the direction of $1.65.
Dark Defender emphasized the significance of the $2.6052 mark and explained that crossing this hurdle might instigate the next phase of the bullish cycle of XRP. He also emphasized that the RSI and price action have been making higher lows and that this might be an indication of bullish momentum.
However, the market remains volatile, with support at $2.33 and resistance levels at $2.60, $2.85, and $5.85. Traders are closely watching whether XRP can regain strength or face another downward push. They are also speculating a sell alert.
Hi all. #XRP reached another decision point where $2.6052 plays a crucial role. Above this level and significantly above $2.77, the 2nd leg of the bullish weekly structure is expected to continue.
RSI and price have higher lows, so we can expect a positive break. The key is to… pic.twitter.com/WDdgHPpGD6
— Dark Defender (@DefendDark) February 23, 2025
Recent downturns have left investors confused, although a few commentators argue that the price movements at this juncture fit into a larger framework.
Historic trends imply that XRP has had similar patterns leading up to large breakouts the $2.60 mark becomes a critical area of observation. The resistance in this area might be broken if buyers enter with sufficient trading volume, providing the opportunity for higher objectives.
XRP Forms Potential Double-Bottom, Eyes Reversal
EGRAG CRYPTO analyzed the price action of XRP in the 12-hour chart and revisited an ascending triangle formation. Statistically, such formations historically break 70-75% of the time higher. The market defied the odds and had a bearish breakout instead.
Despite this, he showed that the price of XRP may have already hit a floor and formed a possible double-bottoming formation. According to this scenario, the cryptocurrency may soon turn around.
Industry players are currently debating whether the dip was a short correction followed by a stronger rally or the start of a long-term bear move. After previous movements, XRP has traditionally followed dramatic drops with equally strong rebounds.
Price action at the moment indicates that XRP is trying to stabilize the support areas. The speculations of the traders include that a lower support zone retest may be possible before a major breakout occurs.
If the price of XRP holds the $2.33 mark, it may consolidate the ground for a bullish move. Yet if it fails to sustain this mark, it may drive the price lower and erode confidence in a speedy recovery.
Long-Term Trends Indicate a Bigger Picture
EGRAG CRYPTO also spotted a historic move in the XRP/BTC trading pair. He explained that XRP never consolidated higher in this area in the previous cycles and that this cycle is different. He views XRP as setting the foundation for future profits similar to the previous cycles that had gigantic price leaps.
Levels of note include 0.000024 BTC, affirming a bullish setup, and 0.000034 BTC which has the potential to trigger a large breakout. If such a level is hit, XRP has the chance of reaching 0.000046 BTC, 0.000136 BTC, and possibly 0.00036 BTC.
He compared this period with the construction of a skyscraper and explained that a good foundation has to be set in place before it reaches the height of a skyscraper.
XRP’s long-term direction hinges on a variety of factors such as general market attitude, price movements of Bitcoin, and general patterns of adoption.
Provided that the price of XRP maintains its strength, it may enter a period of steady accumulation followed by a stronger advance. The trading volume also needs observation with a build-up of this possibly indicating the participation of institutional investors.