Ripple (XRP) Soars: Can It Finally Break Resistance and Hit $3.40?
The post Ripple (XRP) Soars: Can It Finally Break Resistance and Hit $3.40? appeared on BitcoinEthereumNews.com.
Ripple’s XRP has seen a strong upward trend today, with investors closely watching its price movements. The digital asset is trading near $2.73 after a 12.7% increase in the last 24 hours. With crucial resistance levels at $2.75 and $3.40, market analysts believe a breakthrough could trigger a larger rally. Crypto strategist Egrag Crypto highlights that XRP recently formed an ‘M’ pattern at $1.77, typically signaling a bearish target of $2.21. However, he cautions that such patterns may not fully account for external market forces. “Market makers can manipulate liquidity and price movements, making technical patterns less reliable,” he explained. XRP aims for $3.40, with a breakout above this level crucial for a potential all-time high. Source: EGRAG Crypto via X For XRP to sustain its bullish trajectory, it must maintain a position above $2.75. A successful breakout above $3.40 could attract more investors and further solidify the ongoing rally. Market Makers and Their Influence on XRP Market makers play a crucial role in cryptocurrency trading, providing liquidity and influencing price volatility. According to Egrag Crypto, these entities use leveraged positions to create fluctuations, sometimes distorting traditional chart readings. “Traders should be aware that market makers impact price action beyond just supply and demand,” he noted. XRP has formed an ascending triangle pattern on the 1-hour chart, indicating potential bullish breakout. Source: EGRAG Crypto via X Given their influence, XRP’s price movement might not always align with conventional technical predictions. While the asset has displayed bullish momentum, external factors such as institutional trading and liquidity providers can drive unexpected shifts. Massive Liquidations Amid XRP’s Rally As XRP pumped, it was also at the center of massive liquidations. Per data from CoinGlass, in one hour, $1.07 million worth of XRP positions were liquidated, of which $596,580 was from long traders and…
Filed under: News - @ February 15, 2025 8:16 am