XRP Holds Above $2, Eyes 30% Surge to $2.60

XRP, the fourth-largest cryptocurrency by market cap, is at a critical juncture in its price trajectory. Analysts are closely monitoring its price movement near the $2 support level. Renowned crypto analyst Ali Martinez has emphasized the significance of this support, suggesting that if XRP holds above $2, it could experience a 30% surge, potentially reaching $2.60. Martinez tweeted, “If XRP can stay above the key $2 level, a 30% move toward the channel’s upper boundary at $2.60 could be next!”

XRP has demonstrated remarkable resilience despite recent market crashes. After briefly dipping below $2 earlier this week, the token has rebounded to $2.15, supported by strong investor activity. Technical indicators like the TD Sequential are also indicating a buy signal. This bullish sentiment aligns with Martinez’s analysis that maintaining the psychological $2 mark could act as a launchpad for further gains.

However, the downside risks remain significant. Martinez warns that if XRP fails to hold above $2, it could face a steep decline to as low as $1.30 due to a lack of support between these levels. He also noted that a head-and-shoulders pattern forming on the charts could signal a broad trend shift, potentially triggering a bearish reversal. “A close below $2 would indicate a major breakdown,” Martinez said in his XRP price analysis.

Adding to this optimism, XRP’s recent performance has also been boosted by increased on-chain activity and institutional interest. The number of daily XRP transfers surged, reflecting high levels of engagement in its ecosystem. Experts also noted that Ripple’s legal victory against the SEC last month has added to the bullish momentum.

XRP commenced trading yesterday in a narrow trading range, hoping for a breakout. As the EMAs played together, XRP continued to fluctuate till 7:00 UTC. At that point, it was able to muster an upward breakout of the range, breaking the $2.08 resistance. However, strong rejection followed at $2.10. The RSI ventured into the overbought region, and a trend reversal was predicted. A downtrend followed, as XRP fell below the $2.03 support. Now oversold, XRP started to ascend steadily and touched the $2.08 mark again before facing correction.

The EMAs interacted rapidly right after, and XRP spiked upward at 13:45, going to $2.16. It soon faced strict reversal. An hour later, XRP spiked again, finding strong resistance at $2.15. The support line seemed to be climbing, as a bullish triangle seemed to form. But the $2.16 level offered continuous resistance, as XRP consolidated nearby. Another trading range formed with a $2.11 support level. At 10:10 UTC, a slight golden cross was seen, which eventually took BTC across the resistance.

Despite the heavy market volatility, XRP has managed to stay above the $2 level, while other mainstream coins are facing strong downturns. The last 24 hours tell a similar story, with XRP climbing the charts and holding on to key levels in times of market turbulence. Given that, XRP seems to be set to stabilize after this. If XRP is able to form a trading range right after, its growth in the coming days will be easier.