XRP is on the verge of breaking a critical resistance level at $2.33, signaling potential upward momentum in the crypto market.
The XRP/BTC pair’s falling wedge breakout indicates a bullish reversal, suggesting renewed strength after a recent pullback.
According to COINOTAG, anticipation around a spot XRP ETF approval and Ripple’s application for a U.S. banking license is bolstering investor confidence.
XRP nears key resistance at $2.33, with technical signals and regulatory developments pointing to a possible breakout toward $2.60.
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XRP’s price action is approaching a pivotal resistance level at $2.33, a threshold that traders closely monitor due to its alignment with the daily 200-period simple moving average. This technical convergence often acts as a significant barrier or catalyst for price movement. A sustained move above this level could confirm a breakout, potentially driving the price toward the next target near $2.60. The recent 1.84% price increase to $2.26 underscores growing bullish momentum, supported by strong buying interest.
On-chain analysis reveals a falling wedge breakout in the XRP/BTC trading pair, a pattern typically associated with trend reversals and bullish momentum. This breakout signals that the recent pullback may have concluded, paving the way for renewed upward movement. Market participants are interpreting this technical setup as a confirmation that buyers are regaining control, which could further fuel XRP’s rally if volume supports the move.
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Source: https://en.coinotag.com/xrp-approaches-key-2-33-resistance-amid-potential-breakout-toward-2-60/