XRP: Can Evernode Reverse the Slide?

What to Know:

• XRP is navigating an ascending channel, maintaining stability above a key support trendline.
• A potential bull flag pattern suggests a longer-term bullish outlook if it holds above the 2021 highs.
• Traders are closely watching short-term resistance at $2.25 and support at $2.08 amid scam warnings and shifts in large wallet activity.

XRP is currently at a pivotal point as analysts monitor key support levels and bullish patterns amidst fluctuating market dynamics. Investor focus is also shifting, with growing interest in Evernode, a Layer-2 solution on the XRP Ledger (XRPL). Meanwhile, XRP is showing mixed signals across short and long-term analyses.

XRP is maintaining its position within an ascending channel, recently rebounding off the lower boundary, which has repeatedly acted as a reliable support. Should XRP remain above this trendline, projections indicate a potential climb towards the $2.8 to $3 range. A successful breakout beyond this could propel it even higher, with some forecasts suggesting a rise to between $6 and $9.

$XRP: Zooming into the fractal, the bull flag/pennant structure holding above the 2021 highs should not be ignored, the analyst shared.

Analyst ChartNerd has identified a potential bull flag on XRP’s longer-term chart, a formation that often signals a continuation of an upward trend. The pattern is holding above the 2021 highs, with support around $2, aligning with the prior cycle’s peak. The estimated breakout target from this setup is $20, based on the height of the flagpole.

According to CRYPTOWZRD, XRP is currently trading below the $2.25 mark, which now acts as a critical short-term resistance. A move towards $2.41 could trigger a short setup if the price fails to sustain above that level. Conversely, breaking and holding above this line could pave the way for further gains. The next support level on the lower time frame is at $2.08, with traders awaiting a more defined structure to clarify the trading range.

Ripple has issued warnings about increasing scam attempts targeting XRP holders, coinciding with discussions around a potential spot XRP ETF in the U.S. Additionally, large wallet activity indicates consistent selling from major XRP holders, sparking discussions within the community, particularly during periods of heightened market volatility. These factors add complexity to XRP’s market outlook as traders closely monitor these developments.

Related: XRP Price: $12M Max Pain for Bears

Source: Original article