XRP Price Retraces Key Level: Breakout to $2.24 Next?
Most XRP investors have returned to profit, increasing the possibility of a rally to $ 2.24, but the bulls must first hold the price above $ 1.40.
XRP's (XRP) 28% rebound from the macro low at $1.12 pushed it above realized value. In other words, the average XRP holder is no longer in the red.
Is this enough fuel for the bulls to push the altcoin price to $2.24?
Main Receptors:
XRP trades above its value
Data from TradingView shows the XRP/USD pair trading at $1.44, up 1.6% over the past 24 hours and up 5% over the past seven days.
This means XRP holds more than its realized value, the average price of all coins based on their last move, currently at $1.41, according to data from Glassnode.
The average XRP owner's return to profit after an unexpected loss provides meaningful financial relief for many owners, reflecting a bullish attitude.
Related: XRP price bottom signs emerge after altcoin hits key support level
Historically, a break above this level has shifted market sentiment away from “fear”, reducing selling pressure and encouraging holdings.
As the chart below shows, the price rose 460% from $0.52 to $2.90 when it returned to its proven value after hovering below for a few months in mid-2024.
A hold above $1.40 is critical for bulls to confirm a possible move higher.
On the downside, key resistance levels to watch for are the 111-day moving average (MA) at $1.57, the 200-day MA at $1.88 and the 365-day MA at $2.22, based on the XRP technical pricing model.
XRP's Symmetric Triangle has a target of $2.40
As shown in the chart below, XRP has been consolidating in a symmetrical triangle for over two months.
The XRP/USD pair needs to close above the triangle's upper trend line at $1.46 to continue its upward trend.
The pattern's measured target, calculated by adding the height of the triangle to the breakout point, is $2.24, 55% above the current price.
Technical analyst and trader ChartNerd said that the moving averages between $1.35 and $1.40 “must hold” to maintain optimism in the game.
According to Cointelegraph, buyers should find a candlestick above the upper trend line of a descending parallel channel at $1.60 to confirm a potential trend reversal.
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