Key Points:
XRP price needs to break through the $2.20 to $2.30 range and the 200-day Simple Moving Average (SMA) at $2.36 to clear the path to $3.
XRP/BTC has broken a multi-month downtrend, with the RSI showing bullish divergence.
XRP price remained unchanged on Tuesday (July 8), down 0.1% in the past 24 hours, trading at $2.26. Analysts highlighted the key resistance level on the way to $3.
XRP must close above the $2.20 to $2.30 range on the daily chart. The 50-day SMA is at $2.22, and the 100-day SMA is at $2.20. After that, bulls need to overcome the resistance at $2.36, which is the 200-day SMA, to target higher points above $3.
Historically, turning the 200-day SMA into support has always signaled a significant rise in XRP price. For example, after XRP/USD broke the 200-day SMA in November 2024, the price surged by 430%, reaching a multi-year high of $2.90 on December 3, 2024.
“Momentum is building, and XRP's breakout is imminent!” crypto analyst CasiTrades stated in a post on X on Monday (July 7).
According to analysts, multiple higher lows and the recovery of the $2.25 support level are “classic bullish continuation signals.” CasiTrades noted that this level is the apex of a multi-month trend line and the confluence of the 50-day and 100-day SMAs. “We are currently at a local resistance level below $2.30. Once we break this level, the next possible targets are $2.69 and $3.04.”
Anonymous analyst Dom made a similar observation, stating that the price is trading above the key “breakout zone,” exceeding $2.25, where all major VWAPs (Volume Weighted Average Prices) and the 160-day downtrend line converge. “This is precisely the momentum bulls need to perform actively, which can push the price up to $2.40.”
XRP against Bitcoin (BTC) also shows bullish signs. On Sunday, the XRP/BTC pair broke the multi-month downtrend line at 0.00002065. This line has been a resistance for the pair since March.
A retest of the trend line will confirm the end of the downtrend, opening the way for the XRP/BTC pair to break higher.
XRP's rise is supported by the increasing bullish divergence between its XRP/BTC pair and the Relative Strength Index (RSI). The chart shows that the XRP/BTC pair declined from May to July, forming lower lows, while the daily RSI rose from 28 to 55, forming higher lows.
The divergence between the price decline and the RSI rise typically indicates weakening of the current downtrend, prompting traders to buy more during the dip as investor interest increases and sellers become exhausted.
Market analysts expect XRP to continue outperforming BTC, with Mikybull Crypto stating that the pair needs to break the resistance at 0.000022 to confirm the upward trend. “Breaking this trend line resistance, XRP will rise strongly.”
As reported by Cointelegraph, a breakout from the symmetrical triangle in XRP/BTC could lead to a 70% increase, which could also push the XRP price above $3.
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Original: “XRP Price Must Break This Key Level to Reclaim $3”
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