XRP Consolidates near $2.50 With Bullish Chart Patterns Signaling a Breakout

XRP, at the time of writing, is trading near $2.50 after declining by over 30% since July, when it reached its yearly high of $3.66. The cryptocurrency had also dropped by 12.5% over the last week, which makes 2.4 a key support point. Analysts believe that holding this price range would either result in XRP going back to its upward trend or further depreciating.

To continue with recovery, XRP price needs to recapture the 200-day simple moving average (SMA) at $2.58. Anything above this would indicate a potential shift in the trend, suggesting the dominance of buyers. The trend of an upward price movement that exceeds the 200-day SMA has already been used to predict long-term XRP rallies.

The traders also observe resistance between $2.70, $2.80, and $3. A conversion of this zone into support may clear the way for the next target at $3.50. The 50-day and 200-day SMAs coincide within the range of $2.86-$ 2.96, which is a key level in validating a bullish reversal.