XRP News Today: XRP Consolidates Near $2.80–$2.95 Support With Potential 20% Upside If Held

XRP is currently consolidating within a critical support range of $2.80–$2.95, a key level that analysts believe could determine the short-term direction of the asset. Technical indicators suggest that if this zone holds, it could trigger a bullish reversal, potentially leading to a 20% price increase by late August. The analysis is based on two classic patterns: a bullish divergence on the four-hour chart and a Dragonfly Doji candlestick on the daily chart [1].

The bullish divergence is characterized by the price forming lower lows while the RSI traces higher lows, a sign that selling pressure is weakening and buyers are beginning to take control. Meanwhile, the Dragonfly Doji—a candlestick with a long lower wick and a close near the high—signals that buyers intervened decisively after an initial sell-off, reinforcing the likelihood of a trend reversal [1].

Another notable development is the formation of a falling wedge pattern on the four-hour chart. This pattern is generally seen as a bullish reversal setup, particularly when the price bounces off the lower boundary of the wedge, as it has near the 200-period exponential moving average (EMA). A confirmed breakout above the wedge’s upper trendline could push XRP toward the $3.60–$3.65 resistance zone, aligning with the 0.236 Fibonacci retracement level near $3.07 [1].

Analyst Cryptoes emphasizes that maintaining the $2.80–$2.95 support zone is essential for XRP to preserve its upward momentum through August. A breakdown below this level could result in further downward pressure, while a sustained hold above it increases the likelihood of a significant short-term rebound [1].

Historically, a similar candlestick pattern in April led to a 65% rally, suggesting that XRP could experience a comparable surge if current technical conditions are met. This makes the coming weeks a crucial period for traders and investors tracking the asset’s movements [1].

Overall, the confluence of multiple bullish signals points to the possibility of a near-term rebound for XRP, provided the $2.80–$2.95 level remains intact. Analysts and market participants are closely monitoring these developments, as they could shape the next phase of XRP’s price action.

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Source: [1] XRP’s $2.80–$2.95 Support Zone May Influence Potential Short-Term Rebound Signals [https://en.coinotag.com/xrps-2-80-2-95-support-zone-may-influence-potential-short-term-rebound-signals/]