Cryptocurrency analytics firm MakroVision has published its latest technical analysis report on XRP, emphasizing its recent strong performance while also identifying crucial resistance levels that need to be surpassed in order to maintain upward momentum.
According to MakroVision, the price of XRP has recently rebounded from the $2.65 support level, which coincides with the 0.5 Fibonacci retracement level. This recovery signifies market strength, but the presence of descending red trendlines remains a significant obstacle for a sustained breakout.
The analyst firm states that a clear breakout from the short-term downtrend is necessary to confirm the continuation of the uptrend. Surpassing the descending red trend lines has the potential to trigger another powerful uptrend wave.
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MakroVision has identified the following key resistance levels for XRP:
– $3.06: This is a highly significant level reinforced by the red trend line. Breaking above this level could spark new bullish momentum.
– $3.39: This is the next major target. Surpassing this level could indicate a continuation of a strong rally.
However, the analyst firm also expressed concern about the key support level:
– $2.65: This is a critical support level. A confirmed break below this level could result in increased selling pressure.
At the time of writing, the XRP price is trading at $2.85.
*Please note that this information does not constitute investment advice.