XRP surges 5% on breakout, analysts have $6 target in sight
Main Idea
XRP's price surged 5% with analysts targeting $6, driven by regulatory developments and the ProShares XRP ETF launch, while traders monitor key support and resistance levels.
Key Points
1. XRP's price surged 5%, climbing from $3.46 to $3.64 before consolidating around $3.55, but has since dropped to $3.47.
2. Fibonacci extension suggests a $6.00 target if support levels hold, with traders watching the $3.46–$3.55 zone for the next major move.
3. The GENIUS and CLARITY Acts in the US and the ProShares XRP futures ETF launch are key drivers of market sentiment.
4. Volume profile and RSI indicate long-term bullish potential, with resistance at $3.64 and support at $3.55.
5. A breakdown below $3.46 could trigger technical selling pressure, while holding above it may lead to a push toward $3.84 and eventually $6.00.
Description
XRP’s price action triggered renewed investor interest earlier this week following a decisive breakout from a symmetrical triangle that had constrained the token’s movement for six years. At the time, the digital asset surged 5%, climbing from a low of $3.46 to a peak of $3.64 before consolidating around $3.55. However, XRP has since lost momentum. The token is currently trading at $3.47, down 1.89% over the past 24 hours, as traders digest the recent move and await further confirmation. Despite...
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