Despite failing to break through the $3.50 resistance, XRP continues to show signs of bullish momentum as it strives for a new all-time high (ATH). While some traders are disappointed by recent price dips, technical indicators suggest XRP’s ascent is far from over. 📈 📉 Technical analysis reveals potential for a bull flag formation above $3.10, offering hope for sustained upward movement.
The recent dip from $3.34 to $3.04 saw the asset briefly test the $3 support level before rebounding. This move marks a slight easing in selling pressure despite being down 3.6% over the last 24 hours, with trading volume currently at $10.17 billion.
While XRP faces a period of price retracement, its ability to maintain stability above the crucial $3 level and gradually form a potential bull flag provides hope for continued upward momentum. Market observers are optimistic that regulatory clarity surrounding the ongoing SEC v. Ripple lawsuit could be a catalyst for further growth, potentially pushing XRP’s price towards a target of around $12.60.
Popular on-chain analyst Ali Martinez believes this could be a realistic goal if market conditions align favorably, while crypto analyst Michaël van de Poppe suggests XRP may stabilize at the $3.40 level in the short term.
The outlook for XRP remains uncertain as investors weigh the possibility of further price increases against the potential challenges of regulatory uncertainty.