- XRP could hit $3.40 as resistance levels spark bullish breakout.
- Strong close above $2.94 signals path to $3.00 target.
- RSI and Bollinger Bands suggest potential breakout toward $3.40.
Optimism has once again filled the XRP market, with expert analysis pointing to a clear run into $3.40 due to the essential resistance levels taking center stage.
According to EGRAG CRYPTO on X, XRP’s ability to hold above important price points is pivotal in determining whether the cryptocurrency can achieve its next target. A very strong close above $2.94 would mark a significant step towards $3.00, which is essential for further growth.
As long as this trend continues, XRP will at least hit $3.40 next. Therefore, this is likely to be a breakout event and will add more buying interest.
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Resistance Levels and Key Indicators Signal a Bullish Breakout
XRP is at key technical levels, especially moving averages, which will probably dictate the direction of its next major move. The immediate resistance is the 33-day moving average, which is around $3.01. Strong momentum above this might trigger more bullish action. The next significant resistance is the 55-day moving average at $3.07.
As XRP nears these key areas of resistance, EGRAG CRYPTO notes that penetrating them will lay the foundation of a potential upswing towards $3.40. Breaking above $3.00 and $3.07 would be a decisive indication of the market’s bullishness.
RSI and Bollinger Bands Point to Further Growth Potential
The XRP Relative Strength Index (RSI) is 52.45, which indicates that the cryptocurrency remains in a balanced position, neither overbought nor oversold.
Combined with the increased volatility indicated by the Bollinger Bands, XRP’s price action suggests that a breakout could be on the horizon. This could potentially lead to a test of the upper band and set the stage for further price increases.
Provided that XRP can maintain its positions above the $2.94 support range and break the resistance levels at $3.00 and $3.07, the target of $3.40 can be achieved, which proves that this cryptocurrency’s bullish trend continues strongly.
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