XPR keeps building excitement among its investors as the coin has started to change course but rising in price. The price has been finding solid support which has helped it to maintain its upward trajectory over the past two weeks.
This move could mark the start of a powerful rally, signaling a chance for XRP to reclaim its lost glory from previous bull cycles and tap into the current surge of market optimism.
Crypto analyst Mikybull crypto on X noted that the price chart reveals a long-term view of XRP’s action against USDT, showcasing a symmetrical channel pattern characterized by two converging trendlines.
This channel has formed over several years, with the lower trendline acting as dynamic support and the upper trendline serving as resistance. XRP’s price has repeatedly tested these boundaries, affirming the channel’s validity.
Currently, the price sits near the middle of this channel, indicating the potential for movement toward either resistance or support.
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XRP Nears Breakout
In terms of moving averages, the analyst identifies two key averages likely the 20-period and 50-period SMAs—illustrated in green and red. The green moving average appears to be providing dynamic support, as XRP has recently bounced off it. Conversely, the red moving average, which has historically acted as resistance, is now trending upward and may be transitioning to support.
His chart pointed to XRP breaking out of a descending trendline that had previously served as resistance. A successful breakout above this level signals the beginning of a new bullish phase for XRP. However, a rejection could lead to a drop back into the channel.
Key Levels to Watch
From the chart analysis, he noted key levels to monitor in the coming days. The upper trendline of the channel, ranging from $1.20 to $1.40, represents a major resistance zone that could become a target.
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The lower boundary of the channel around $0.30 to $0.40 has historically provided huge support. XRP is trading near the mid-channel level of approximately $0.75, which serves as a crucial inflection point that could dictate the next directional movement.
With these insights, the analyst remains bullish on XRP, anticipating a potential spike to new all-time highs if the upward momentum continues.
