Cryptocurrency analytics firm MakroVision has published its latest technical analysis of XRP, which emphasizes its recent strong performance while also identifying key resistance levels that must be surpassed for further upward movement.
MakroVision reports that the price of XRP recently rebounded from the $2.65 support level, which coincides with the 0.5 Fibonacci retracement level. This recovery indicates market strength, but the red descending trendlines pose a significant obstacle to a sustained breakout.
The analyst firm states that a clear breakout from the short-term downtrend is necessary to confirm the continuation of the uptrend. Surpassing the descending red trend lines could trigger another significant upward movement.
In related news, there are forecasts suggesting that the US may establish a strategic Bitcoin reserve. Analysts highlight the following key resistance levels for XRP:
$3.06: This level is highly significant and is reinforced by the red trend line. Breaking above this level could ignite new bullish momentum.
$3.39: This is the next major target. A breakthrough above this level could indicate the continuation of a strong rally.
However, the analyst firm also acknowledges the importance of the key support level:
$2.65: This is a critical support level. Confirming a break below this level could lead to increased selling pressure.
At the time of writing, the price of XRP is trading at $2.85.
*This information does not constitute investment advice.
