In recent days, as the XRP price has rebounded from a strong support line, it shows signs of continuing an upward trend in the short term. XRP was strongly supported in the 1.92-1.95 dollar range and subsequently rose above the 2.07 dollar level, staging a technical rebound. Currently, it is testing the resistance area between 2.19-2.20 dollars. If it can perfectly break through this range and convert it to a support line, a stronger upward trend could unfold.
The short-term target price is concentrated between 2.30-2.35 dollars. If successful in overcoming this resistance, the possibility of returning to a box-like trend similar to the beginning of this year remains open. Meanwhile, Josh, an analyst from 'Crypto World', diagnosed that an 'Inverse Head and Shoulders' pattern could form on the daily chart. This pattern is interpreted as a strong bullish signal, and if XRP rises to 2.30 dollars, pulls back to around 2.10 dollars, and then rebounds, breaking 2.35 dollars could significantly increase the potential for explosive growth.
However, downside risks also exist. The key support level for the current trend is the April low. If this point is breached, the upward trend could be temporarily broken and face strong correction. In this case, the next support line is expected to be around 1.21 dollars. Technically, the upper trend channel is forming around 2.45 dollars, and breaking this could be an important signal for a medium to long-term trend reversal.
In summary, XRP is currently at a critical crossroads. If it consecutively breaks through 2.20 and 2.35 dollars, it could aim to reach 5 dollars in this cycle. Conversely, if key support lines are broken, additional downward pressure could be applied, making it a time for investors to approach cautiously.
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