XRP is showing signs of renewed strength, climbing 4% in the past 24 hours to trade at $2.98.
The rebound comes despite a 7.96% drop over the past week, with the asset now holding a market cap of $177 billion and 24-hour trading volume exceeding $5.5 billion.
Analyst Warns Against Panic Selling
Crypto market commentator EGRAG CRYPTO noted that the latest market wick on the two-month chart has caused unnecessary panic among traders. According to him, the movement is minor in the broader context and may actually be setting up the most significant candle body formation in XRP’s history. He suggests that those who remain steady during this period could be part of a major upward shift in the asset’s trajectory.
Key Technical Levels to Watch
EGRAG’s chart analysis highlights key trendlines, including the “Line of Hestia” and the “Troposphere” range, showing XRP holding strong above crucial support levels. His outlook implies that the current consolidation could be laying the groundwork for a significant rally, potentially targeting much higher price zones.
Bullish and Bearish Scenarios
If bullish momentum persists, XRP could break above the $3 mark and test higher resistance levels, with some analysts eyeing moves toward the $5–$7 range in the long term. However, failure to hold recent gains might see the token retesting support near $2.70 or lower.
Community Sentiment Remains Strong
With sentiment in the #XRPFamily community staying optimistic, the coming months could prove pivotal in determining whether XRP can transform this technical setup into a historic breakout.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/xrp-price-analyst-predicts-historic-breakout-after-sharp-recovery/