XRP Price Eyes Major Breakout: Can It Surge to $5.85?
XRP is at a crossroads with the price hovering around the $2.60 level.
Analysts say a move above $2.77 could be the green light for a breakout, potentially taking the price to $2.85 and $5.85 in the long term. If it can’t hold above the key levels, it might dump to $2.33.
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Technical indicators look bullish. RSI is making higher lows and Dark Defender points out the price structure is accumulation. A nice setup for an up move.
Key levels to watch:
Resistance: $2.60, $2.85, $5.85 (long-term)
Support: $2.33, $2.10
Egrag Crypto another analyst is even more optimistic, if XRP closes above $3 on the monthly chart it could go to $67 but warns of a short term pull back to $0.90 before it resumes its climb.
XRP Forms Bullish Cup and Handle Pattern
A very common technical pattern, the cup and handle, is forming in XRP’s price action. According to Thom Sieloff this is a setup for a big move.
The consolidation between $2.40 and $2.70 is the handle.
Breakout above $2.68 to $2.70 would confirm the pattern.
Historically cup and handle breakouts lead to 20-30% gains and could take XRP to $3.36. If the pattern plays out XRP could continue to climb in the short term.
Could XRP Spark an Altcoin Rally?
A confirmed XRP breakout could spark an altcoin rally according to experts. Institutional interest in digital assets is growing with MicroStrategy’s ETF talks signaling more capital flowing into the space.
With increasing demand for cryptos and strong charts the altcoin market might follow XRP’s lead.But beware. Regulatory risks, especially the SEC’s stance on digital assets, are still weighing on sentiment.
And Ethereum has to hold $2600 for the broader market to continue. If it drops below $2425 the altcoin rally might be delayed.
XRP’s chart is good but watch the resistance levels and the broader market to see if the rally is for real.
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