Cryptocurrency analysis firm MakroVision has evaluated the latest technical outlook for XRP.
The company stated that XRP broke the long-standing downtrend, broke through important resistance levels, and a positive atmosphere was formed in the market again.
According to MakroVision’s analysis, XRP has broken out of its months-long red downtrend with a powerful force. The successful backtest following this breakout supports the stability of the structure. At the same time, the breakout of the last low high created earlier is considered the first serious bullish signal.
The analysis emphasized that the $2.48 level is a critical resistance point for XRP. This level also coincides with the 50% Fibonacci retracement level and the next lower high. If this area is broken upwards, the $2.65 level and the “Golden Pocket” target determined by the general market structure may come to the fore.
According to the analysis company, the previous resistance level of $ 2.23 is now working as support. It was stated that in a possible pullback, the $ 2.03 level should be protected, otherwise the technical structure may deteriorate.
MakroVision analysts concluded their assessment as follows:
“XRP is showing clear signs of a trend reversal. However, the $2.48 level must be breached for the upside to continue. This area is key for the market to regain strong upward momentum.”
XRP technical outlook chart shared by MakroVision.
*This is not investment advice.
