XRP Price: Will Bulls Finally Break the Silence? 🤔
XRP (XRP) has been on a downward spiral, plummeting 35% over the last 30 days, much like a bird in flight that’s lost its way 🐦. The market is still reeling from President Trump’s tariff wars, and it’s anyone’s guess when the skies will clear.
Despite the gloom, XRP’s price remains stubbornly above $2.00, a beacon of hope in a sea of despair 🌊. Analysts are quick to point out that reclaiming $2.20 is crucial for a sustainable recovery, but will the bulls finally break their silence and lead the charge? 🐴
XRP Price Trades Above Potential Reversal Level
Egrag Crypto, a crypto market analyst, has spotted a glimmer of hope in the daily timeframe 📈. The price has dipped into the support level just below $2 (blue zone in the figure below) four to five times since December 2024, and each time, the bulls have stepped in to defend it 💪.
According to Egrag Crypto, this is a bullish signal, indicating that buy orders are stacked in this critical region 📊. When an asset retests a support level multiple times, it increases the chances of an eventual breakout 🚀.
The key levels to watch on the upside, according to Egrag Crypto, are $2.20, $2.60, $2.80, and finally, $3.10 📈. But be warned, a potential breakdown looms if $2.20 doesn’t hold, and the 21-day exponential moving average (EMA) has produced a bearish cross with the 100 SMA, adding downward pressure on XRP 📉.
Other analysts, like Dark Defender, are also predicting a rebound, with the price expected to rise to $3.00 in the short term 🚀. But will it be a fleeting dream or a reality check? 🤔
Seller Exhaustion Backs XRP’s Upside
Data from CryptoMoon Markets Pro and TradingView shows XRP’s price drawdown over the last month pushed the relative strength index (RSI) below 30 on both shorter- and longer-timeframe charts, indicating oversold conditions 📉. The RSI heatmap from CoinGlass shows XRP’s RSI at 29, 28.7, and 29.8 on the 4-hour, 12-hour, and daily timeframes, respectively.
An oversold RSI suggests that the asset is undervalued, and the sellers have become exhausted 💤. Traders may take this as a signal to buy and load up more on the dips, leading the price to either consolidate sideways or rebound 🔄.
In XRP’s case, the price has been rising in the four-hour timeframe, recording higher lows and higher highs, as shown in the chart above 📈. Thus, the upward target for the short term is around $2.20, but flipping this level into support will be crucial for the bulls moving forward 💪.
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2025-02-28 17:43