XRP Price Targeting a Breakout From Descending Channel, Will the Token Surge Above $2.5?

The price of XRP is currently situated in a descending channel, which may be an early signal of reversal.

The price of XRP is currently situated in a descending channel, which may be an early sign that the cryptocurrency is about to reverse.

According to Rose Premium Signals on Telegram, the cryptocurrency is bullish if the price trades above $2.5. If XRP is able to close the daily candle above this price, then it may establish prospects of an upside movement, negating the current downward trajectories.

The analyst further noted that $2.5 is the key level that will determine the token’s direction in the near future. If the cryptocurrency is able to surpass this level and close the daily candle above it, the bullish trend will be confirmed. This price action would put an end to the current downward pattern and give cryptocurrency an upward impetus.

Source: TradingView

XRP Key Resistance Levels

Since XRP is above $2.5, there are additional levels that one can use to stop loss at; these are $2.95, $3.39, and $3.87. These are potential trendy targets that the coin could attain in case the price evolution turns bullish. Holders and speculators will closely focus on these levels as they act as potential points to open additional directions for price increase.

There is an overall buy signal on the XRP technical chart, and long-term technical indicators suggest that the cryptocurrency is at the beginning of a reversal. There is a descending channel pattern depicted on the chart, which increases the likelihood of a potential change in the price trend if the token surges above $2.50. A daily close above this level would mean there is more demand, and prices go up. As of press time, the Ripple token is trading at $2.30, showing a 2.80% increase over the past day.

Source: TradingView