- XRP has successfully retained $2.5 despite the bloodbath in the market in the past few days.
- XRP is about to witness a massive breakout from a triangular pattern, pointed out analyst Dark Defender.
- The 1 month and 6 month rVWAP for XRP also soared to ATHs, suggesting a major breakout.
XRP, the third-largest cryptocurrency by market capitalization, has shown remarkable resilience during the current bearish cycle. As such, analysts are currently weighing its price movement over the next 24 hours. Despite a dip to $2.32 on Monday, XRP managed to stay above $2.50. Its current market valuation is $145 billion, with a 3.71% price increase in the past week.
According to the data from CoinMarketCap, XRP is now trading at $2.53, with centralized exchange (CEX) trading volume reaching $10 billion. After rebounding from its $2 support on January 1, XRP established another support level at $2.20. Crypto analysts remain optimistic about the altcoin’s performance for the rest of this market cycle.
Bullish Breakout Confirmed by Analysts
In a post shared on X (formerly Twitter), crypto analyst Dark Defender highlighted XRP’s price action within a triangular pattern. Over the weekend, XRP experienced a bullish breakout. The analyst noted that the altcoin is completing a throwback from the breakout and could surpass $4 as the triangle formation concludes.
Another analyst, “Dom,” confirmed that XRP’s rolling Volume-Weighted Average Price (rVWAP) on both the 1-month and 6-month timeframes has hit record highs. While XRP’s volume-weighted highs indicate robust demand, its price lags behind this upward trend. According to Dom, high rVWAPs often signal an imminent bullish move in cryptocurrency markets.
XRP Technical Indicators
The XRP chart from TradingView reveals that its MACD (Moving Average Convergence Divergence) indicator remains bullish. The signal line (red) remains below the MACD line (blue), though the close proximity of both suggests that a strong breakout in either direction is still possible.
Additionally, XRP’s Relative Strength Index (RSI) currently reads 59.85, showing steady demand among buyers. Analysts believe that XRP may retest the $3 mark if market conditions remain favorable for a broader rally.
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