Is the XRP Headed for a Bull or Bear Market? Analysis Firm Shares Its Target and Areas to Watch

Cryptocurrency analysis firm MakroVision has drawn a promising picture in its latest technical analysis for XRP. In the company’s assessment, it was argued that the structure formed despite the downward trend in recent weeks indicates a strong upside potential. According to the analysis, XRP formed a classic bull flag formation during the recent decline, which was broken to the upside yesterday. At the same time, the XRP price broke above a key technical level of $2.23, indicating that the bulls are back in control. According to the analytics company, XRP quickly recovered from the lower boundary of the downtrend channel. The downtrend broken during this recovery is giving signals of renewed strength in the market. The increasing upward momentum is a technical development in favor of the bulls. Related News: HOT MOMENTS: Bitcoin Soars – Surpasses $111,000 – All-Time High Price Record About to Be Broken MakroVision shared the key levels for XRP as follows: The $2.48 level stands out as a resistance point that has faced selling pressure many times in the past. $2.65 is the breakout level from May; exceeding this threshold could pave the way for a new uptrend in XRP. The reaction at $2.23 was strong; this level should be maintained. On the downside, the $2.03–$1.95 range (both the “Golden Pocket” and the horizontal support zone) is key to maintaining the medium-term trend. *This is not investment advice. Continue Reading: Is the XRP Headed for a Bull or Bear Market? Analysis Firm Shares Its Target and Areas to Watch

Source: BitcoinSistemi