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The XRP price is preparing once again for an explosive move toward the $3. Aiming to break out from its consolidation phase, XRP’s price action suggests a massive rally could be right around the corner. The analyst who forecasted this bullish move remains broadly optimistic about XRP’s future outlook. However, he has also cautioned that a fakeout and subsequent price breakdown are possible.
XRP Price Gets Ready For Moonshot Toward $3
In a 1-hour chart analysis, ArShevelev, a crypto analyst on TradingView, disclosed that the XRP price has been forming a sequence of tight consolidation patterns. The colored triangular formations on the price chart highlight each consolidation pattern formed over the past few weeks. These triangles show that price action has been moving sideways, indicating indecision before a breakout.
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With XRP set to breakout from its present consolidation pattern, ArShevelev predicts the cryptocurrency could soon surge to the $3 mark, representing a 37% increase from its current market value. As of writing, the XRP price sits around the $2.19 mark after sharply rebounding from a critical support zone near $2.05. The $2.05 support zone is identified as a must-hold level, as a break above would maintain the altcoin’s present bullish structure.
Moving forward, the TradingView chart shows an overarching bullish trend, with price action respecting XRP’s rising support line. A fresh consolidation triangle has formed, and if history is any indication, XRP could break upward from this pattern, targeting an initial price level of $2.36.
A bold “highway to moon” arrow on the price chart points to a successful breakout that could push the price toward a higher price level of $2.6 and perhaps even spark a broader rally to $3. In his analysts, ArShevelev highlighted a previous support zone at $2.21, where buyers initially stepped in, noting it as an important holding area for XRP to maintain.
Bullish Setup For The Altcoin: Breakout Or Fakeout?
While XRP’s technical setup and potential breakout from consolidation look promising, ArShevelev has advised caution as the market can be unpredictable. Cryptocurrencies are known for their volatility, and failed breakouts are not uncommon, especially when the price hovers just below resistance for too long.
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If XRP fails to break above the $2.29 resistance level convincingly, the analyst projects a sharp breakdown to the $2.21 support zone. Further pullback here could open the doors for an even larger price drop to the important support, some at $2.05. This potential price decline is described as a “fakeout,” as XRP gives the illusion of embarking on a rally but instead sharply reverses.
Thus, while technical indicators favor an upside breakout in the XRP price, the TradingView analyst still questions whether it could lead to a breakout to new highs or ultimately result in a fakeout.
Featured image from Medium, chart from Tradingview.com
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