XRP Price Reversal: Bullish Setup and Potential Rally
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Technical analysis suggests a bullish reversal for XRP, with a potential short-term rally underway. A key demand zone between $2.31246 and $2.37028 has held, triggering a sharp price rejection and a bullish engulfing candle, confirming the reversal for some analysts. The analyst FrankFx14 highlights the $2.37028 level as crucial; staying above it maintains the bullish outlook. Further confirmation is needed, such as strong volume and candle closes above $2.375. Short-term targets include $2.4939 (mid-level of a previous supply zone) and $2.6031 (a major supply zone). Another analyst, Crypto Avi, sees a more significant long-term bullish potential, forecasting a “mega rally” to new all-time highs around $4.90, representing a 114% increase from the current price of approximately $2.29. This prediction is based on XRP breaking out of a long-term Falling Wedge pattern, with the breakout level now potentially acting as support. A sustained move above this level would solidify the bullish thesis, paving the way for the substantial price increase. Both analyses highlight the importance of price action and volume in confirming these bullish predictions, emphasizing the need for cautious trading and confirmation before entering positions.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-bullish-reversal-setup/)
