XRP Price Forecast: $2.8 as the Pivot for Bullish Momentum
Key Takeaways
Is XRP Gaining Bullish Momentum?
In the short term, XRP appears to be shifting towards a bullish trend. However, swing traders should exercise caution before going long, as the $2.5-$2.8 range presents significant resistance.
What is the Long-Term Outlook for XRP?
A breakthrough above the psychological $3 mark could signal strong bullish momentum, potentially driving prices to $4 or even $4.7 based on Fibonacci extensions.
Recent developments indicate that the selling pressure on Ripple (XRP) has been diminishing. Yet, the price remains stuck below the $2.5-$2.8 resistance zone, a critical imbalance on the daily charts highlighted in previous analyses.
Ripple's $1 billion raised via a SPAC for XRP accumulation suggests a strategic inflection point in the Digital Asset Treasury race.
XRP's Price Prediction Remains Bearish Until Key Resistances are Surpassed
The daily chart shows two critical resistances: the imbalance at $2.8 and the supply zone at $3. Currently, XRP bulls lack control, with the market structure remaining bearish. The On-Balance Volume (OBV) indicates neither buyers nor sellers have gained significant strength.
The OBV is crucial for predicting the next price trend. A breakthrough beyond the OBV-marked levels would suggest a genuine breakout. Until then, the bearish structure persists.
Both moving averages and the RSI reflect bearish momentum for XRP on the daily timeframe. A rally beyond the local high of $2.69 and the $2.8 imbalance could be a reliable bullish indicator.
On the 4-hour chart, a bullish shift is evident with a move past $2.46, a local swing high. XRP may find support at moving averages before advancing.
A potential dip to $2.35 before gains should be monitored by traders. Despite the short-term bullish shift, the long-term direction of XRP remains uncertain.
Entering long positions now could be risky due to the higher timeframe structure. It is prudent to wait for the $2.5-$2.8 zone to transition into a demand zone before swing traders consider going long.
Disclaimer: The information presented is solely the author's opinion and does not constitute financial, investment, trading, or other advice.