XRP appears to be gradually regaining its bullish momentum after a brief consolidation period and a potential break below the significant $2 mark. The cryptocurrency has shown a 2% recovery in the last 24 hours, even hitting an intraday high of $2.2. This move has enabled it to maintain its crucial support zone, despite the recent downward trend.
A fascinating technical analysis on the TradingView platform suggests that XRP is on the verge of entering a bullish continuation, potentially reaching $4.
MasterAnanda, a crypto analyst on TradingView, noted an odd, yet bullish, signal in XRP’s daily candlestick chart. According to his analysis, the chart has moved from periods of high volatility and rapid fluctuations, especially from December to early April, to a phase marked by smaller candles and narrowing price action. From April 13 to April 21, XRP’s daily candlesticks noticeably decreased, indicating low volatility even with an upward price movement. This rise was sufficient to break above a downward trending resistance line, which has been producing lower highs since January.
Similar behavior was observed around April 28, where the price slightly dropped over seven days but failed to form new lows. This type of performance, where the price consolidates without breaking down, is often seen as a bullish continuation pattern. MasterAnanda views this as a bullish signal, signifying that bearish momentum has subsided. The absence of bearish activity implies consolidation before further growth.
The chart accompanying MasterAnanda’s analysis supports this perspective. XRP has consistently rebounded from a distinct support zone around the $2 mark since April 16. The highlighted accumulation area on the chart indicates that buyers have been consistently stepping in whenever the price approaches this region.
Each consolidation phase since the $1.61 low on April 7 has resulted in a higher low, further validating a bullish structure. As the price continues to honor this zone, it paves the way for a robust upward breakout.
MasterAnanda projects a move toward $4, indicating a sharp upward trajectory once the current range resolves upward. At the time of writing, XRP is trading at $2.17, marking a 2% increase in the past 24 hours.
