The XRP price is demonstrating robust signals of recovery, as per a detailed technical analysis. The cryptocurrency is currently trading within a rising channel and nearing a pivotal support zone, indicating that bulls might be gearing up for another upward movement.
In this comprehensive analysis, an influential crypto analyst highlighted that “XRP is back.” This statement underscores the optimistic forecast regarding the altcoin’s trajectory based on its ongoing price dynamics. The outlook for XRP is predominantly bullish, foreseen to initiate a substantial upward trend.
The analyst pointed out that XRP has been forming a consistent medium-term bullish trend within a defined Ascending Channel. This structure exhibits the classic signs of positive price movement, characterized by higher highs and higher lows—a clear indication that positive momentum is building.
One of the most fascinating aspects of XRP’s current price behavior is its engagement with a significant demand zone, which is marked prominently in technical charts. Historically, this zone has acted as a formidable support and resistance level, experiencing multiple rejections and periods of consolidation.
The analyst also emphasized a critical juncture where the horizontal support zone intersects with the lower boundary of the rising channel. This convergence of horizontal and diagonal support significantly enhances the probability of a bullish trajectory. Moreover, this area has been earmarked as a prime location for identifying strong buy setups.
While maintaining a bullish outlook on XRP, the analyst will closely observe the price movements as it nears this key blue-circle zone. During this phase, they will be vigilant for bullish reversal setups, including double bottom patterns and trendline breaks, which would serve as confirming signals for the anticipated bullish advance.
In addition to the bullish trends, XRP is exhibiting technical indicators reminiscent of its dramatic surge in 2017. A different crypto analyst has indicated that the altcoin might be on the verge of significant breakout, predicting an explosive price increase followed by a potential correction.
The analyst noted the Stochastic Relative Strength Index (SRSI), which has crossed the critical 80 level—a momentum indication last seen during the explosive price increase of 20X that occurred three months post-cross in 2017. This signal is now deemed as a pivotal “Cross Confirmed” moment, suggesting the market may be heading into a highly volatile phase.
Reflecting back to 2017, this key crossover propelled XRP beyond $3 before a subsequent price crash of approximately 90%. While similar performance is not expected due to the current higher market cap, a notable surge followed by a 70% decline remains a plausible scenario.
