During Monday’s trading session, the crypto market showcased a slight uptick, with Bitcoin holding above key support of $95,000. While the upcoming bolster bottom formation for most major altcoins, the XRP price shows potential for a higher rally amid healthy retracement and a key bullish pattern.
As of now, the XRP price trades at $2.4 with an intraday gain of 0.23%. According to Coingecko, the asset’s market cap is at $140 Billion, while the 24-hour trading volume is at $4.08 Billion.
Key Highlights:
- An ascending triangle pattern drives the near-term uptrend in XRP price.
- The coin price still holding above the 100-and-200-day EMA slope indicates the broader trend as bullish.
- The long-tail rejection candle at $2 support hints at high demand pressure for pullback buyers.
Channel Pattern Sets Ripple Crypto For $3 Rally.
In a recent tweet, renowned crypto analyst Ali Martinez highlights a potential bounce in XRP price. His analysis of the 4-hour chart reveals the formation of a rising channel pattern, which consists of two parallel trendlines that act as dynamic resistance and support.
Since December 2024, the pattern’s bottom trendline has acted as a key pullback support for investors to regain bullish momentum. The chart setup shows a huge upside potential as it currently wavers at the bottom support.
Analysts suggest that if the XRP coin holds above $2.7, the potential upswing could hit $3, registering a growth of 22%.
XRP Price Hints Reversal At Key Financial Support
The XRP’s daily time frame chart shows a notable correction from $3.4 to $2.4, accounting for a 28% loss. However, the pullback holds above $2.28 support, a level coinciding close with the 38.2% Fibonacci retracement level (FIB).
Thorertilly, a correction of this degree is considered healthy for an asset to regain its bullish momentum before the next leap. The aforementioned support backed by a 100-day EMA slope bolsters the asset potential for price reversal.
Conversely, the 50% FIB level at $2 stands as a notable crucial level for buyers to prevent major correction.
