- XRP’s bullish crossover signals potential breakout towards key resistance levels.
- Ascending triangle pattern suggests XRP could reach $3.12 soon.
- Critical support at $2.85 crucial for XRP’s next move.
XRP has recently displayed promising signs of upward momentum, as technical analysts observe key developments in its price action. The latest update from analyst Egrag Crypto highlights the “Cross & Push” formation, which occurs when the 21-period exponential moving average (EMA) crosses above the 100-period EMA.
Such a crossover is a typical bullish sign, implying that XRP can keep on rising. Traders and investors have been triggered by optimism about the bullish crossover. In the past, this indicator has been a common precursor to price rises, and most market players are currently looking forward to a possible breakout of XRP.
With interest in whether XRP can maintain this bullish trend, focusing on how the market responds to this creation, the market continues to respond.
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Key Levels and Chart Patterns to Watch
In addition to the crossover, Egrag Crypto’s analysis points to the formation of an ascending triangle, a pattern that often signals a breakout. XRP is almost at the top of this triangle, and the calculated volume out of this pattern indicates a possible price target of approximately $3.12, which is a high level of resistance.
Source: Egragcrypto
To persist in the bullish move, XRP has to trade at significant support levels. The support level of $2.85 is fundamental. When the price is lower than this value, it might be a sign of a possible turn in the direction and an additional decrease. Conversely, a bullish view would be preserved at the support level of above $2.85, and the probability of breaking out to $3.12 would be more likely.
Source: Egragcrypto
Market Sentiment and Potential Outlook
The market is now focused on whether XRP can hold its ground above critical support levels while pushing towards resistance. If XRP can pass the level of resistance at $3.00, then the process may mark the beginning of a bigger rally. It may, however, give way and plunge into a downturn as a failure to sustain these levels, as there is the next major support level of $2.65.
With the Cross & Push setup in play, traders and analysts are closely monitoring XRP’s price movements for signs of confirmation. The key levels and patterns in the market will likely dictate whether XRP can maintain its bullish trajectory or face potential resistance.
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