The XRP prices still show bullish momentum despite the previous wave of downtrends. After falling below $2.8, Quick Bounce was able to regain this level again as support, putting it on a path lined with more profits. With the formation of ascending trendlines, XRP prices could be sitting on a time bomb ready for an explosion, which will return to July peaks when the Bulls return to the market again.
XRP Price Breakouts Could Record 20% Profit
Analysis from CMF trading points shows that XRP prices are at a significant level after formation of the upward trend line. This trend line has always been bullish, and with the bull’s return it may be as bullish as it gets. Given this, Crypto analysts have given us a reasonable target as to where the price of XRP could be directed next.
The price is currently inscribed at the $2.82 level, indicating that it still has strength after the Bulls regained their $2.8 support. If this level is retained and the ascending trendline breakout is completed, the first goal from here is for the XRP price to reach $3.
Once this initial target is achieved, the price can be moved to the next target immediately. This is $3.40. Completion means an increase of 20% total, providing space for possible continuance. If momentum applies, you can set the XRP price on the path to a new all-time high.
What happens if the ascending trendlines are not retained?
If the ascending trendline fails and XRP prices drop even further, it could spell out the period of cryptocurrency decline. Analysts explain that XRP prices actually need to exceed $2.20 to $2.25 for bullish breakouts to be effective. Otherwise, it means trouble.
A breakdown below this level causes the onset of another downtrend that can direct the price to $2. If the selling continues at this level, XRP will crash for under $2, leading to another bear market.
