XRP price has formed a double-bottom pattern, a widely recognized bullish reversal signal. Analysts suggest this pattern has been confirmed, as the altcoin has broken above its neckline resistance. This development indicates strong buying pressure, which could push the Ripple token price toward the $30 mark.
Bullish Double Bottom Pattern Suggests XRP Price Could Reach $30
According to analyst Steph Is Crypto, XRP price has completed a double-bottom formation by breaking above the neckline resistance. This breakout is considered a strong bullish signal, indicating a potential rally. Historically, once this type of pattern is confirmed, prices tend to rise, with projections based on the pattern’s height extended from the breakout point.
The long-term chart of XRP price shows an extended accumulation phase, similar to previous bull cycles. The breakout above the neckline suggests strong buying momentum, potentially triggering an altcoin rally. Top analysts anticipate that if momentum sustains, XRP price could move towards its projected $30 target.
More so, XRP price breakout aligns with increasing trading volume, reinforcing the bullish outlook. A sustained increase in volume after a breakout often indicates institutional participation and growing investor confidence. Additionally, analysts highlight the absence of strong resistance between current levels and the projected target, making a sharp upward movement feasible.
Ripple Price Must Hold $2 Support Level
Additionally, crypto analyst Ali Martinez has pointed out that XRP price is also forming a head-and-shoulders pattern on its weekly chart. This pattern typically signals a trend reversal, with the $2 support level being crucial for maintaining an upward trajectory.
Martinez highlighted that if XRP price fails to hold above $2, it could face a decline to $1.25. Traders are closely monitoring this level, as a breakdown below it could lead to further downside pressure. However, if the support holds, XRP could continue its bullish trend and push towards the projected $30 target.
Altcoin Rally and Broader Market Trends
The broader cryptocurrency market trend is another factor influencing XRP price. Bitcoin’s performance and macroeconomic factors, such as the Federal Reserve’s policy decisions, could impact investor sentiment. A positive market environment could support an altcoin rally, benefiting XRP’s upward momentum.
According to CryptoQuant’s recent analysis, the rising demand for stablecoins is fueling an altcoin season. Experts believe this shift signals a strong rally for altcoins in the coming weeks.
The recent market correction has seen XRP price trading between $1.79 and $3.36. A rebound began in early March, with XRP closing the past week in green. At press time, Ripple token price was $2.34, reflecting a 1.95% increase in the last 24 hours.
Historical price trends suggest that XRP has undergone extended periods of accumulation before major bull cycles. This pattern appears to be repeating, with XRP price breaking above key resistance zones.
Adding to the bullish sentiments, Ripple filed a trademark for downloadable software to custody crypto assets. This move could push the altcoin toward the $5 mark in the coming months and probably cross the $30 price target.
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