XRP is poised to challenge its all-time high within the next few weeks. This bullish momentum is the product of bullish news coming out of Ripple’s ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC) paired with increasing spot market volume. Analysts believe XRP’s long-term market structure still looks constructive, foreshadowing a possible parabolic price rally. For the crypto to stay in bullish momentum, it needs to hold important support levels.
Technical Indicators Point to Bullish Momentum
The combined spot tape CVD for XRP has crossed positive for the first time since late January. This change is the clearest indication of an explosion in buying pressure. This increase in index rolling repurchase agreement par buy flows can lay the groundwork for a more enduring parabolic bull move. CrediBULL Crypto predicts that XRP will rise to an all-time high above $3.40 very soon.
According to Power of 3 technical setup XRP is right now going through a accumulation range. If the cryptocurrency is to reclaim a higher high trend, it must hold above the incline support trendline. Anything above $2.65 in a bullish close could keep XRP from retesting its nearby lows near $2.
Price Fluctuations and Key Levels
XRP’s price soared by 16% after the news emerged of a likely amicable agreement to end the Ripple-SEC battle in court. Yet it lost half of those increases back over the next two days, sinking under the $2.50 mark. Dom said this was crucial for XRP to stabilize around this $2.50 level.
XRP could fall as low as $1.80 to $2, analysts believe. This liquidation swoop would be just what’s needed to clear out some downside liquidity before the price continues back up. A close below $2.23 would reverse the upswing seen in recent price action thus restoring the prevailing XRP bearish trend. The all-time high volume weighted average price (VWAP) continues to be key bullish barrier for XRP.
Market Outlook and Potential Scenarios
If XRP manages to reclaim strength above $2.65, it may avoid a move down towards $2. This would keep it climbing in its well-deserved upward trajectory. Staying above the long-term incline support trendline is important for keeping that higher high trend longer term. The bulls’ goal is a retest of their all-time high at $3.40, which they first equaled on Jan. 16. As a sign of their ambition, they’re shooting for much further improvement past this baseline level.
