XRP has drawn strong market attention after breaking above a key technical formation, with analysts now eyeing a short-term target of $2.40. This move follows the activation of the XRP Ledger’s EVM-compatible sidechain, which is expected to drive broader adoption and functionality across the ecosystem.
According to EGRAG CRYPTO on X, XRP has successfully broken out of the green descending channel visible on the daily chart. The following forceful resistance can be seen on the pink descending channel, which is still a vital point to overcome before challenging the price at $2.40.
XRP also reached a new high of 2.3274 on a daily timeframe and then corrected a bit, but it is still above the crucial 2.2 support.
Market participants have been watching this chart setup closely, and it has shown various breakout attempts so far. The present rally is the third aggressive escape step out of the wider channel pattern.
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Technical signs signify that continued price action above this area may create a fresh bull run to the envisaged price level.
Source: EGRAG CRYPTO
Analyst Says Break Above $2.40 Will Confirm XRP’s Bullish Reversal
The recent bullish momentum is further supported by the launch of XRPL’s EVM-compatible sidechain. This key upgrade allows Ethereum-style smart contracts to operate directly on the XRP Ledger, expanding its utility for developers and increasing institutional interest.
The analyst emphasized that holding above $2.2 is essential for maintaining the upward trajectory. If XRP manages to break out of the pink descending channel, that would complete a breakout pattern that has been building up for several months.
Resistance is presently at approximately $2.30 and $2.40, which should be closed higher to prove the reversal. This would create a revolutionary break in the XRP price creation and affirm a change of momentum in the market.
With technical arrangement and underlying progress greasing the path, XRP enthusiasts still have their target on $2.40. The result of the present architecture is likely to set the path that XRP will follow in the coming weeks.
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