XRP Price Targets $3.61 In Short Term As ‘Cup’ Turns Hot
The XRP price is still trending low after the recent market crash, which has put it below the $2.2 level. This has seen the breakdown of multiple support levels, leaving only the $2 support level to hold up for the bulls to hold. At the same time, there have been several formations on the XRP price chart that suggest a turn in the tide. Crypto analyst Dark Defender outlines the bullish formations in a recent X post, showing where the price might be headed next.
Why The XRP Price Is Headed For $3.61
In the analysis that was posted on the social media platform, the crypto analyst shows that there have been multiple technical indicators that are beginning to flash bullish at this point. As the analyst explains, the XRP price is about to see the tension that is pushing it down washed off.
This tension zone lies just below the $2.1 level, and the tension has been rising here with the price not breaking down, and support still mounting for the price. This means that this is the level that the digital asset must clear to begin the next uptrend.
In addition to the expected tension zone blow off, the analyst also explains that this price is also close to the conjunction of the trend lines. Furthermore, the Fibonacci level and the Cup Surface also lie close to this price level.
Dark Defender also mentioned that the XRP moving averages have also tightened during this time. Given this, it is possible that the price does begin to rise, especially as the trend line is squeezed, leading to a blow-off top.
With these bullish technicals flashing now, there are two price targets that the crypto analyst presented. The first of this is just a 5% move toward the $2.22 price level, which is the major resistance at this point. If this level is successfully cleared, then the next target is a 50% move up to the $3.61 territory.
Community Calls For Regulatory Clarity
Amid the bullish technicals showing up now, it seems that the XRP price is still suppressed as the Ripple-SEC lawsuit rages on. Crypto analyst and XRP community member Jaydee posted a poll asking the community on what they believe will be the narrative that pushes the next bullish divergence.
The poll ended with 44.3% of voters being in favor of regulatory clarity and the end of the SEC lawsuit as the major reason that will drive the bullishness. Others included Charts/TA being what is needed at 34.3%, and 11.5% for Partnerships/Adoption, and the Ripple IPO getting 9.9% of votes.
Featured image from Dall.E, chart from TradingView.com
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