- XRP nearing breakout, resistance at $2.0 could soon be surpassed.
- Strong buying pressure suggests XRP may reach $2.3 soon.
- Technical analysis points to a potential breakout above $2.0.
XRP enthusiasts are keeping a close eye on recent market movements, as technical analysis suggests the token might be on the verge of breaking through a key resistance level.
According to crypto analyst CW, XRP has been testing the $1.80 support zone, which has held firm, but traders are now focused on the looming challenge at the $2.0 resistance. This level, often referred to as the “selling wall,” has kept the price from rising further, but recent market shifts indicate it may not hold much longer.
As XRP continues to consolidate in a tight range, traders are speculating whether the coin can push past this resistance and continue its upward trajectory. The price has been hovering near the $1.80 mark for a while, establishing a strong support base.
With buying pressure steadily increasing, many are expecting a breakout. If XRP successfully breaks through the $2.0 resistance, the next target could be $2.3, a level that has previously acted as a significant hurdle for the token.
Key Support and Resistance Levels to Watch
XRP’s price is currently testing the lower bounds of a descending triangle pattern, with $1.80 acting as solid support. As the price continues to consolidate, the triangle’s apex is approaching, signaling that a breakout could be imminent.
The price has been forming lower highs while maintaining higher lows, which points to increasing compression. This narrowing range is often a precursor to a breakout, and traders are closely monitoring whether XRP can push past the $2.0 resistance.
Also Read: Analyst: ‘Don’t Be Shocked When XRP Hits $15 This Year’ – Here’s Why
The growing net buying suggests that market participants are preparing for an upward move. Additionally, the declining volume on the sell side signals that bearish pressure may be waning. This shift could provide the necessary momentum for XRP to break through the selling wall and move toward the next resistance at $2.3. If XRP surpasses this level, it could signal the beginning of a more bullish phase.
XRP’s next move will likely depend on whether it can maintain its support at $1.80 and break through the $2.0 resistance. Traders are watching these levels closely, as a breakout could lead to a rally toward the $2.3 level, further solidifying XRP’s position in the market. With strong buying activity and a clear technical setup, XRP is nearing a crucial turning point.
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