Price action in the past 24 hours has seen XRP Break lower than the $ 3 mark Again. XRP first managed to cross the $ 3 mark on January 15, a decision that marked a notable step in trade above this level for the first time in seven years. However, This level failed And the Altcoin fell below the last day of negotiation.
Nevertheless, the XRP foray over the $ 3 brand again shows its return potential above this level, especially after Years of being labeled dead by certain Crypto analysts. Interestingly, an analysis on the TradingView platform suggests that cryptocurrency could prepare for another important escape, not only to recover the $ 3 mark but also to exceed $ 3.5 very soon.
XRP is stable in the balance zone
Technical analysis of The ACTION OF THE PRICES XRP on the 3-hour candlelight shows that the cryptocurrency managed to maintain a stable position in a balance zone despite the Intense volatility observed among cryptocurrencies In the past few days before and after the inauguration of Donald Trump.
According to the analysis, XRP is currently negotiated in a corner model, which has always been a precursor to decisive price movements. Interestingly, this model has been developing since January 16, when the asset has reached a peak of $ 3.38 before starting a corrective phase. The cryptocurrency presented a progressive tightening range in this range, which is a delicate balance between the purchase and sale of pressures that could break out in both directions.
In particular, consolidation in the corner model seems to reach its peak, and the analyst has stressed it as a key indicator of the preparation of XRP to embark on its next step. As such, the analyst predicted that the next decision would be a bullish return above the $ 3 mark, with a particular objective at $ 3.5 before any other correction.
Potential risks: down divergence on the weekly RSI
Although XRP’s prospects remain optimistic, the technical analysis has also underlined a possible downward divergence forming on the weekly RSI. This divergence occurs when the price of an asset increases while the RSI indicates a weakening of the momentum.
Although this presents a risk, the analyst expressed his confidence that the current corner model and his constant performance could prevail over this lowering signal. Its continuous exchange in the accumulation area is another encouraging factor. If a significant drop was on the table, this would have already happened. The fact that XRP has held firm in this area suggests a strong support from buyers, The sales pressure is effectively offset by the constant interest of buyers.
If the Altcoin reaches the planned objective of $ 3.5, it would mark an increase of 18.5% compared to the current price and would represent an escape greater than its summit of $ 3.40. However, this could be considered a short -term price objective. Long -term projections for XRP are much more ambitiousWith objectives ranging from $ 7 to $ 20.
Adobe Stock star image, tradingView.com graphic
