XRP’s $2.80–$2.95 support zone is a crucial make-or-break level indicating a possible bullish reversal, with analysts forecasting a 20% price increase by late August.
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Two classic bullish technical patterns signal a potential XRP price rebound.
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The $2.80–$2.95 range remains a key support zone for sustaining upward momentum.
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Analyst Cryptoes highlights this zone as critical for XRP’s short-term price direction.
XRP’s $2.80–$2.95 support zone signals a key reversal point; expect a 20% rally by August’s end. Stay updated with COINOTAG’s expert analysis.
What Are the Bullish Divergence Signals Indicating for XRP?
XRP’s charts reveal a bullish divergence on the four-hour timeframe, suggesting weakening sell-pressure and a potential trend reversal. The price is making lower lows while the Relative Strength Index (RSI) forms higher lows, a classic indicator that momentum may be shifting in favor of buyers.
Additionally, XRP’s daily chart shows a Dragonfly Doji candlestick pattern, characterized by a long lower wick and close price near the high, indicating strong buyer intervention after initial selling.
XRP/USD four-hour price chart. Source: TradingView
XRP/USD daily price chart. Source: TradingView
How Does the $2.80–$2.95 Support Zone Impact XRP’s Price Outlook?
The $2.80–$2.95 range is identified by analysts as a make-or-break support level for XRP’s short-term momentum. Maintaining this zone could preserve bullish momentum, potentially triggering a rebound similar to the 65% rally seen after a similar candlestick pattern in April.
Expert analyst Cryptoes emphasizes that holding above this support is essential for XRP to sustain its upward trajectory through August.
Source: Cryptoes
What Does the Falling Wedge Pattern Suggest About XRP’s Next Move?
XRP is currently forming a falling wedge pattern on the four-hour chart, a bullish reversal setup that often precedes upward price breakouts. The price recently bounced off the wedge’s lower boundary near the 200-4H exponential moving average (EMA), indicating strong buying interest at this support level.
XRP/USD four-hour price chart. Source: TradingView
If XRP breaks above the wedge’s upper trendline, a 20% rally toward the $3.60–$3.65 resistance zone could materialize, aligning with the 0.236 Fibonacci retracement level near $3.07. This scenario suggests a strong upside potential in the coming days.
Frequently Asked Questions
What is the significance of XRP’s $2.80–$2.95 support zone?
This support zone is critical for XRP’s short-term price stability. Holding above it may trigger bullish momentum, while a breakdown could lead to further declines.
How likely is XRP to experience a 20% price increase soon?
Technical indicators and chart patterns suggest a strong possibility of a 20% rally by the end of August, provided key support levels hold.
Key Takeaways
- Two bullish technical patterns—bullish divergence and Dragonfly Doji—signal potential XRP price recovery.
- $2.80–$2.95 support zone is a critical make-or-break level for sustaining upward momentum.
- Falling wedge breakout could trigger a 20% rally toward $3.60–$3.65 if confirmed.
Conclusion
XRP’s $2.80–$2.95 support zone is pivotal for its short-term price trajectory, with multiple bullish signals pointing to a possible rebound. Maintaining this level could lead to a significant rally by August’s end, making this period critical for traders and investors monitoring XRP’s momentum.
