XRP Price To Break Out Of Consolidation: The Next Moonshot That Will Lead To $3

Source Newsbtc

The XRP price is preparing once again for an explosive move toward the $3. Aiming to break out from its consolidation phase, XRP’s price action suggests a massive rally could be right around the corner. The analyst who forecasted this bullish move remains broadly optimistic about XRP’s future outlook. However, he has also cautioned that a fakeout and subsequent price breakdown are possible. 

XRP Price Gets Ready For Moonshot Toward $3

In a 1-hour chart analysis, ArShevelev, a crypto analyst on TradingView, disclosed that the XRP price has been forming a sequence of tight consolidation patterns. The colored triangular formations on the price chart highlight each consolidation pattern formed over the past few weeks. These triangles show that price action has been moving sideways, indicating indecision before a breakout. 

With XRP set to breakout from its present consolidation pattern, ArShevelev predicts the cryptocurrency could soon surge to the $3 mark, representing a 37% increase from its current market value. As of writing, the XRP price sits around the $2.19 mark after sharply rebounding from a critical support zone near $2.05. The $2.05 support zone is identified as a must-hold level, as a break above would maintain the altcoin’s present bullish structure.

XRP

Moving forward, the TradingView chart shows an overarching bullish trend, with price action respecting XRP’s rising support line. A fresh consolidation triangle has formed, and if history is any indication, XRP could break upward from this pattern, targeting an initial price level of $2.36. 

A bold “highway to moon” arrow on the price chart points to a successful breakout that could push the price toward a higher price level of $2.6 and perhaps even spark a broader rally to $3. In his analysts, ArShevelev highlighted a previous support zone at $2.21, where buyers initially stepped in, noting it as an important holding area for XRP to maintain. 

Bullish Setup For The Altcoin: Breakout Or Fakeout?

While XRP’s technical setup and potential breakout from consolidation look promising, ArShevelev has advised caution as the market can be unpredictable. Cryptocurrencies are known for their volatility, and failed breakouts are not uncommon, especially when the price hovers just below resistance for too long.

If XRP fails to break above the $2.29 resistance level convincingly, the analyst projects a sharp breakdown to the $2.21 support zone. Further pullback here could open the doors for an even larger price drop to the important support, some at $2.05. This potential price decline is described as a “fakeout,” as XRP gives the illusion of embarking on a rally but instead sharply reverses. 

Thus, while technical indicators favor an upside breakout in the XRP price, the TradingView analyst still questions whether it could lead to a breakout to new highs or ultimately result in a fakeout. 

XRP
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Japan's 10-Year Bond Demand Soars to 14-Month High, BOJ's Bond Purchase Cuts Still UncertainJapan's 10-year government bond auction demand reached its highest level since April 2024, driven by rising yields that attracted investors.
Author  TradingKey
6 hours ago
Japan's 10-year government bond auction demand reached its highest level since April 2024, driven by rising yields that attracted investors.
placeholder
Dogecoin Price Forecast: DOGE breaks short-term price range, signals bullish comeback Dogecoin (DOGE) has been consolidating under $0.20 since Saturday, making a short-term range with $0.1863 as the lower boundary. DOGE bottoms out the previous week’s downfall with this range breakout on Tuesday, resulting in an increased short-liquidation spike and a bullish technical outlook.
Author  FXStreet
6 hours ago
Dogecoin (DOGE) has been consolidating under $0.20 since Saturday, making a short-term range with $0.1863 as the lower boundary. DOGE bottoms out the previous week’s downfall with this range breakout on Tuesday, resulting in an increased short-liquidation spike and a bullish technical outlook.
placeholder
Elon Musk’s xAI and Neuralink Launch New Funding Rounds​Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
Author  Insights
6 hours ago
​Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
placeholder
Microsoft leads tech companies in layoff of workers amid significant investments in AIMicrosoft cut 300+ more jobs after last month’s 6,000 layoffs, focusing heavily on software engineers.
Author  Cryptopolitan
6 hours ago
Microsoft cut 300+ more jobs after last month’s 6,000 layoffs, focusing heavily on software engineers.
placeholder
IBM announces new NYC accelerator and data startup acquisitionIBM announced its New York City-based startup, watsonx AI Labs, designed to supercharge AI builders and accelerate AI adoption at scale.
Author  Cryptopolitan
6 hours ago
IBM announced its New York City-based startup, watsonx AI Labs, designed to supercharge AI builders and accelerate AI adoption at scale.
goTop
quote