Is XRP Poised for a Major Rally? Key Levels to Watch for a Potential Bull Run

• XRP approaches the end of correction, RSI indicates a potential bounce to $5-$8.
• Critical support between $1.88-$1.91 could set the stage for XRP’s upward momentum.
• Breaking resistance levels at $2.44, $2.99, and $5.85 could trigger a bullish rally for XRP.

Dark Defender pointed that XRP has almost formed the ABC correction pattern on the daily chart. The Relative Strength Index (RSI) has found the extreme level and the decline of the index indicates that it may be the end of the correction. Thus, with the RSI value close to the oversold level, the indicator is signaling a bounce is likely to occur soon.

The upward projection for XRP commences with a sideways movement to $3; the bulls’ target is pegged at a range of $5 – $8. This forecast is based on other stages of the correction wave such as waves 3 to 5, that could elevate the price higher. Due to its current RSI standing at low levels, much is anticipated for token to experience a major uptrend.

Key Levels to Watch

The support levels play a significant role in deciding token’sfurther direction since the support in the $1.88 to $1.91 area is critical. On the other hand, resistance levels are established at $2.44, $2.99, and $5.85. This level was defined earlier as the support for this correction at $1.88-$1.91 and may become the starting point for turning the tide for the coin.

The structure mentioned in the analysis that was posted on February 22 has already reached the target correction level. This, therefore, confirms that token is working towards the end of its bearish cycle. After the correction part is over, the position will follow the upward movement and towards the top part of the chart it will come back to life again.

The analyst uses a similar Fibonacci as the previous occurrence when XRP reached $0.3917 before a significant bounce. These past patterns seem to hint that the current slump may be followed by another sharp run up just like in past examples of bullishness.

XRP Nears Bullish Reversal

The current very low RSI levels when compared to the price formation/prepublication zone signal that the XRP is due for a bounce. Based on its roller-coaster trend over the years, the cryptocurrency is set have a good run in the short term. At press time, Ripple token is trading at $2.03, down by 8.8% over the past day.

Source: TradingView

For the XRP to maintain its upward trend, certain resistance levels must be cleared. If it goes further than these levels, then there is a possibility of a rise to $5-$8 per coin. Hence, the future movement of XRP’s price major movement will critically depend on the performance of the cryptocurrency at these levels.