The XRP completed the double foot formation, which signaled a strong rise and increased its rise potential by breaking the critical resistance level. According to experts, this formation indicates that Altcoin can reach $ 30. However, in order to continue this rise, XRP needs to maintain certain levels of support.
Double Foot Formation points to new summits for XRP
According to technical analyzes, the double -foot formation on the price graph of XRP shows that investors have entered a strong wave of purchase. Crypto Analyst Steph Is Crypto says that XRP confirms this formation by breaking the neckline resistance and that this break may be a harbinger of a major rise.
The verification of this model has a significant increase in the price of XRP. Technical indicators reveal that the price has gained a strong momentum and the interest of major investors’ interest in XRP. If the transaction volume remains at high levels, the price of the XRP can reach $ 30 in a short time.
$ 2 level for XRP critical support zone
Crypto Analyst Ali Martinez says that there is a head and shoulder model on the XRP’s weekly graph, which can be a trend return signal. In order to apply this model, the XRP must maintain its $ 2 level.
If XRP loses this support, a correction may be experienced up to $ 1.25. However, if the price can maintain this level, the confidence of investors may increase to increase the rise momentum. In order to reach $ 30 of XRP, this support level must be maintained.
How will the general trend in the market affect XRP?
XRP’s price movement is shaped not only by technical analysis, but also by the general situation of the market. Bitcoin’s performance, the US Federal Reserve (FED) interest policies and the increase in the demand for stabilcoin can activate the Altcoin market.
According to Cryptoquant’s analysis, the high demand for stabilcoins can be a harbinger of a new wave of ascension in the Altcoin market. The price of the XRP has a strong recovery signal after fluctuating between $ 1.79 and $ 3.36 in recent weeks. Ripple’s receiving a new software patent to store crypto assets can also increase the interest in XRP in the long run.
The critical question for investors is: Will the XRP rise continue, or does it need more time to achieve a $ 30 target?
