XRP has went into a period of quiet movement After his meeting last week that pushed his prize to new all-time highlights. In particular, the price of XRP has added between $ 3.40 and $ 3.60 in recent days. This structure has attracted the attention of Crypto analyst Casitrades, who shared her detailed view of the social media platform X. Her accompanying graph breaks down the ongoing setup and shows the meaning Of the support of $ 3.40 in addition to the bullish implications of the behavior of XRP just below the resistance zone.
Former resistance is now supported
Casitrades points to one Classic Bullish Flip that takes place in the graph pattern of XRP on the 1-hour candlestick time. An important trend line, which had previously served as overhead resistance, has now been reversed and acts as support. This shift took place with precision, since Price has tested the trendline three times and every bounce confirms that buyers withdraw with confidence. According to her analysis, this type of structural transition can be subtle, But Momentum is quietly building for the next price movement of XRP.
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The trendline, which has now been reversed to support, is just above the level of $ 3.40 and the resilience has helped XRP to prevent serious malfunctions since last week. As long as this line continues, Bulls remains control. In summary, the analysis shows that XRP is now inside A battery phase Instead of exhaustion, which is remarkable, given the significant rise earlier in the first half of July.
In addition, a glance at the Relative Strength Index (RSI) on the 1-hour candlestick Time Frame graph shows that there is still room for Momentum to push higher than $ 3.65 before the end of the month.
However, the analyst also acknowledges that nothing is guaranteed. If the support of $ 3.40 provides, the XRP price can be reflected in $ 3.20, where the 0.236 Fibonacci retracement level is on lines. Other Fibonacci price levels to pay attention to are $ 2.96, $ 2.76, $ 2.56, $ 2.50 and $ 2.27.
The next goal is $ 4.65
The consistency of the trendline, combined with the RSI levels, makes a In fact for an outbreak Then a breakdown. The road that lies in front of us can open well if XRP can bounce well at $ 3.40 and ultimately can endure the resistance range from $ 3.60 to $ 3.66. Casitrades identified $ 4.65 as the next large level to view, a target derived from the 2,618 Fibonacci extension of the previous rally. In the meantime, a middle price level to view is $ 4.11 on the path to $ 4.65. “The volatility above is getting wild and fast,” said the analyst.
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As soon as the XRP price knew $ 3.65, the path to $ 4.65 is is much more likelyEspecially if the wider market sentiment shifts in favor of Bullish Price Action.
Featured image of Getty Images, Chart van TradingView.com