XRP’s accumulation phase appears to be nearing its end, suggesting potential significant price movements. Priced at $0.5194 at press time, XRP shows signs of consolidating around the 100-week moving average, a key indicator for long-term trends.
Historically, XRP has accumulated just under this moving average before making notable upward moves. This pattern suggests a bullish breakout might be on the horizon, as highlighted by JackTheRippler, a top analyst, potentially driving XRP’s price to $5-$10 in the first pump.
The immediate support level is around the current price of $0.5203, a zone where the price has consistently consolidated. Long-term support levels include $0.3000 and $0.2000, with the latter acting as significant support before the major rise in 2020 and early 2021.
The 100-week moving average itself serves as a significant resistance point. Beyond this, intermediate resistance is noted around $0.7500, a level where XRP has faced resistance before. The major resistance level stands at $1.0000, a psychological and historical barrier.
Ripple CEO Predicts Imminent Launch of XRP, Solana, and Cardano ETFsThe current trend reveals a descending triangle pattern, with the price consolidating near the $0.5203 support level. This pattern, combined with the historical accumulation phases just under the 100-week moving average, points towards a potential bullish breakout.
As per Dark Defender, an analyst, if XRP breaks above the 100-week moving average and sustains this level, it could signal a strong upward movement. Consequently, the price might target the intermediate resistance of $0.7500 and the significant $1.0000 level.
However, a bearish scenario remains possible if the price fails to maintain above the $0.5203 support level. In such a case, XRP could retest lower support levels at $0.3000 or even $0.2000. Despite this, the accumulation pattern under the 100-week moving average leans towards a bullish outlook, suggesting that significant upward movement is more likely.
