Analyst Says Holding Might be Suicide, but Sees Mid-Term XRP Rebound to $2.55
The post Analyst Says Holding Might be Suicide, but Sees Mid-Term XRP Rebound to $2.55 appeared on BitcoinEthereumNews.com. Analyst suggests holding some losing trades might be slow suicide but sees XRP rebounding if key support holds amid a bullish setup. As of July 3, XRP has shown a generally upward price trajectory, marked by intermittent pullbacks. The asset has fluctuated between approximately $2.08 and $2.30 in recent weeks and is currently trading at $2.28, reflecting a 3.98% increase over the past 24 hours and a 4.22% gain in the last seven days. XRP Bullish Reversal Pattern Spotted Meanwhile, according to a TradingView analyst known as Mad Whale, XRP may be on the verge of a further move upward, supported by a key technical level on the 12-hour chart. The analyst highlights a bullish reversal setup forming within a falling wedge pattern, a structure typically marked by converging downward-sloping trendlines that constrain price movement before a breakout occurs. XRP Price Prediction This pattern appears to have been in play for some time. The lower support line of the wedge has been tested multiple times, most notably on May 6 when XRP dipped to $2.08 but quickly rebounded. Price movements toward the support were also halted on June 5 at $2.06 and on June 23 at $1.96. On the upper side, resistance held firm, for instance near $2.33 on June 16. Breakout Attempt and Potential Pullback Toward $2.00 Recently, XRP broke above the wedge pattern, briefly reaching $2.32, suggesting a possible bullish breakout. However, the analyst warns that XRP remains close to a significant daily support level at $2.00, which also coincides with a psychological round number. This level, described as a “main daily support area,” has historically attracted buying interest and may serve as a springboard for a rebound if tested again. A drop to this support would require a 12.28% decline from current levels. Should XRP find support…
The post Analyst Says Holding Might be Suicide, but Sees Mid-Term XRP Rebound to $2.55 appeared on BitcoinEthereumNews.com.
Analyst suggests holding some losing trades might be slow suicide but sees XRP rebounding if key support holds amid a bullish setup. As of July 3, XRP has shown a generally upward price trajectory, marked by intermittent pullbacks. The asset has fluctuated between approximately $2.08 and $2.30 in recent weeks and is currently trading at $2.28, reflecting a 3.98% increase over the past 24 hours and a 4.22% gain in the last seven days. XRP Bullish Reversal Pattern Spotted Meanwhile, according to a TradingView analyst known as Mad Whale, XRP may be on the verge of a further move upward, supported by a key technical level on the 12-hour chart. The analyst highlights a bullish reversal setup forming within a falling wedge pattern, a structure typically marked by converging downward-sloping trendlines that constrain price movement before a breakout occurs. XRP Price Prediction This pattern appears to have been in play for some time. The lower support line of the wedge has been tested multiple times, most notably on May 6 when XRP dipped to $2.08 but quickly rebounded. Price movements toward the support were also halted on June 5 at $2.06 and on June 23 at $1.96. On the upper side, resistance held firm, for instance near $2.33 on June 16. Breakout Attempt and Potential Pullback Toward $2.00 Recently, XRP broke above the wedge pattern, briefly reaching $2.32, suggesting a possible bullish breakout. However, the analyst warns that XRP remains close to a significant daily support level at $2.00, which also coincides with a psychological round number. This level, described as a “main daily support area,” has historically attracted buying interest and may serve as a springboard for a rebound if tested again. A drop to this support would require a 12.28% decline from current levels. Should XRP find support…
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