XRP Upholds Bullish Momentum Above $1.30 Despite Recent Setbacks

XRP demonstrates ongoing strength in the market, even after facing obstacles near its recent peaks. The price remains above the critical $1.30 mark, which upholds a bullish outlook, indicating that the recent pullback might be more of a consolidation phase rather than the onset of a more significant reversal.

Key Takeaways

XRP maintains a bullish stance as long as the price stays above $1.30.
The coin recently completed a successful breakout from a descending wedge, triggering a significant rally.
The accumulation zone between $1.90 and $1.30 is a critical support area for XRP.
Future price targets are set at $3.50, $5.00, $8.70, and potentially above $10.
The trendline structure remains strong, even after a short-term rejection near $2.37.

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The Multi-Year Breakout Supports XRP's Next Growth Phase

In a recent discussion, Crypto Patel pointed out that XRP is trading above a established multi-year breakout zone on the higher-timeframe chart, following a lengthy accumulation period. After experiencing a significant price surge, XRP seems to be laying the groundwork for the next potential growth phase.

From a technical standpoint, XRP has successfully broken out from a descending wedge that formed between 2020 and 2024. This breakout initiated a remarkable rally of over 600% from the $0.60 price level, underscoring the strength of the prevailing bullish trend and confirming a shift in the long-term market framework.

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XRP gearing up for its next potential rally | Source: Chart from Crypto Patel on X

The current price is maintaining a key fair value gap and accumulation region between $1.90 and $1.30, which continues to serve as a vital demand area. As long as XRP remains above the $1.30 threshold, the bullish structure on the longer time frames stays intact, supporting a positive outlook for potential upward movement.

Looking forward, Crypto Patel has set ambitious price targets of $3.50, $5.00, $8.70, and possibly above $10 in the long term. The bullish scenario would only be disrupted if XRP closes below the $1.30 mark on higher time frames, indicating a breakdown in the current trend.

Trendline Structure Remains Resilient Despite Rejection Around $2.37

In another update regarding XRP, Umair Crypto mentioned that the broader trendline structure is still intact, despite a recent push beyond a significant psychological barrier and subsequent rejection near the $2.37 level. Although momentum indicators pointed to early signs of weakness, the price reaction did not lead to a confirmed breakdown of the overall structure.

Analysis reveals that the Relative Strength Index (RSI) declined ahead of the price, followed by a loss of the range's Point of Control (POC). This sequence led to a sharp pullback; however, it lacked clear structural failure, indicating that the decline was more of a corrective move rather than a trend-ending event.

XRP's relative strength remains notable. During a market downturn led by Ethereum, XRP experienced a sell-off but rebounded swiftly, outperforming many assets tied to Ethereum. This behavior suggests a rotation of capital into stronger assets rather than a broad-based market sell-off.

Going forward, the outlook remains positive as long as the trendline holds and the price can regain value above the range's POC. However, if there is sustained trading below this level, the bullish setup could be invalidated, shifting the focus towards lower price levels.

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XRP trading at $1.97 on the 1D chart | Source: XRPUSDT on Tradingview.com