Summary
XRP appears poised for a potential rally towards $3.40, following the breakdown of a major bearish pattern. AI-driven technical analysis forecasts a price escalation to $2.85 within a fortnight.
Key Points
- XRP could surge towards $3.40 following a failed head-and-shoulders breakdown.
- CoinDesk Research’s AI model indicates a price target of $2.85 in just over two weeks.
Analysis
This movement is akin to a basketball player executing a fake shot, creating an opening for an offensive move as the defender jumps too early. In the case of XRP, which Ripple uses for international transactions, the failure of a significant bearish pattern may enable bulls to take control, leading to a formidable upward trajectory.
XRP exhibited a head-and-shoulders pattern from December through April, hinting at a shift in market dynamics. The breakdown occurred in early April, with prices plummeting below the support level, but unexpectedly rebounded past the $2 mark.
Analysts who anticipated a deeper sell-off around $1.20 were caught off guard as prices rapidly reversed. Currently, XRP is trending above its 200-day moving average, demonstrating resilience against the market’s downturn earlier in April when Bitcoin dipped under $75,000.
CoinDesk Research’s model asserts: “A key resistance level at $2.40 was broken decisively, inciting robust buying as the price formed an ascending channel pattern. While AI predictions suggest reaching $2.85 by June 1, further analyst projections propose targets ranging from $3.33 to potentially $15.”
Market sentiment is overwhelmingly bullish, influenced by Ripple’s legal victories against the SEC, alongside optimism resulting from the crypto-supportive Trump administration post-election.
