XRP’s price is currently at $2.12 and it has managed to stay above the important support level of $2.00. In the past 24 hours, it has seen a 3% increase, showing some positive momentum. The coin tested the support zone again but quickly bounced back, indicating that buyers are still active and willing to engage in the market.
This bounce suggests that the market may be recovering from the recent downturn. If the buying pressure continues, there could be a relief rally in the market.
According to analyst Egrag Crypto, XRP is currently forming an Ascending Broadening Wedge pattern. This pattern suggests two possible price targets: a decline to $0.65 or a rise to $17. For a bullish breakout to occur, XRP must first close above $3.50. If it manages to reach the $5 level but fails to sustain it, there is a higher chance of the pattern playing out. However, if it is rejected at $5, it is likely to retest the $1.90 level.
A successful breakout above $5, followed by a continuation above $6, could drive XRP towards the $17 target within the next 2-3 weeks. However, the analysis indicates a 70% chance of a downside breakout, potentially pushing the price back to $0.65. The bullish scenario has a 30% chance of occurring. It is important to closely monitor key price levels for confirmation as this pattern is not yet fully formed.
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