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XRP Prepares to "Explode" to 3.8 USD? Breaking the Downtrend Opens Up Golden Opportunities
XRP is holding steady above the $2 level, maintaining its bullish momentum as technical indicators show signs of a bullish trend. Notably, a distinct downward channel on the XRP price chart suggests a breakout may be forming, with the potential to rise to $3.8 in sight. XRP Holds Steady As Buyers Target 3.8 USD The technical analysis of Rose Premium Signals indicates that XRP is currently sending strong bullish signals after breaking out of the long-term downtrend channel. In early January, XRP surpassed the $3 mark but has since experienced a strong correction, keeping the price low since then. Despite the ongoing downtrend, XRP remains solidly holding above the $2 threshold as it prepares for a new all-time high. Previously, XRP had been trading within a declining range for several months, forming lower highs and lower lows. However, recent price action seems to have invalidated this bearish trend structure with a decisive breakout above the upper boundary of the Downtrend Channel, indicating the potential for a trend reversal and the beginning of a bullish continuation. The chart shared by Rose Premium Signals on X ( earlier on Twitter) shows that after the breakout, XRP has consolidated above the previous resistance area turned support, around the $2 level. The analyst confidently stated that the outlook for XRP remains bullish despite the previous downtrend, indicating that the recent consolidation pattern shows that buyers are still in control.
Notably, the breakout on the downtrend channel is significant, as it often implies a strong bullish move, especially on higher time frames. The expected price targets based on the technical formation are positioned at $2.9520, $3.3967, and $3.8767. Interestingly, the highest expected target surpasses XRP's all-time high of $3.84 and reflects a 73.54% increase from the current price. It is important to note that these bullish targets forecasted by Rose Premium Signals align with historical resistance levels and measured movements from the breakout of the Falling Channel. If the momentum is maintained and market conditions remain favorable, XRP may increase in accordance with these targets in the coming weeks, potentially bringing significant gains for long-term holders and traders. Analyst Says Buy When Price Falls, With Ideal Entry Level At $1.85 While forecasting some optimistic targets for XRP, Rose Premium Signals emphasizes the strategy of buying altcoins during a fall. This method aims to take advantage of low price levels to maximize potential profits when XRP recovers. The analyst's chart highlights the support level of $1.85 with a clear "Buy here" label, indicating that this level is seen as the ideal entry point if the price retraces to that level. Currently, XRP is trading at $2.23, meaning a drop down to $1.85 would represent a fall of 17.04%.
According to the analysis, this support level also marks the base of the recent downward channel breakout, providing a favorable risk-reward setup for those looking to enter or expand their positions.