It will be key that XRP breaks sufficiently the area of approximately $ 3.20.
A bullish flag and a cloud of compressed Ichimoku anticipate an explosive movement for XRP.
XRP managed to consolidate a firm support in the 3 dollars area and now prepares for its next great movement.
The market closely follows the behavior of the Cryptocurrency of Ripple Labs and maintains the bullish expectations due to the signals that the technical analysis yields.
One of the first elements that stand out in The XRP price chart is the formation of a bullish flaga pattern that arises after a strong impulse (ASTA), followed by a price compression phase, in which the maximum and minimum converge until the triangular figure is assembled.
The configuration of this figure usually anticipates the continuation of the initial trend, that is, a strong bullish impulse.
But if XRP investors wanted more signals, here they have another: The asset is entering a potential reversion zone. This is explained by a technical analyst from the TrainingView community, who holds that the cryptocurrency could be shot up if it breaks the resistance of $ 3.20.
To hold your analysis, you share an XRP price chart with 30 -minute candles:
As can be seen, there are two support zones of 3.05 and $ 3.09, marked with “$$$” and “C”, respectively. “Indicates a demand zone,” says the analyst. In addition, he adds that “the Ichimoku cloud is nearby, reinforcing the technical relevance of that support.”
The Ichimoku cloud, also known as Kumo, is a tool that provides information on the Directorate of Tendency, Impulse and Support and Resistance levels. It is composed of two lines (Senkou Span a and b) that delimit a shaded strip, which acts as a dynamic area of support or resistance. This is determined by the price position with respect to the cloud.
In this graph, the cloud is represented by the shaded area between the green and violet lines, just above the current level of price. Being as close, it increases the probability that the price bounces in that region, especially if it coincides with other support signals such as “$$$” and “C” markers.
The analyst considers this a positive factor, since the compression of the cloud reinforces the probability of a bullish rebound.
It also adds to the aforementioned, that there is a descending trend (straight violet line) that shows increasingly low. This also suggests that XRP is in a compression zone. In this regard, “a breakdown above this resistance would be key to confirm a bullish impulse.”
In addition, he adds: “The arrow suggests a rebound from the support, followed by consolidation and then a breakdown above the resistance, with a target at 3.25 and $ 3.30 and possible continuation on the rise.”
Apart from the signals that the technical analysis throws, cryptootics has been reporting that the price of XRP could be shot at levels never seen before due to the commercial alliances that Ripple is forging.
On July 16, the firm that Brad Garlinghouse leads reached an agreement with Ctrl Alt to boost real estate token in Dubai through the XRP Ledger, in collaboration with the Emirate Land Department. To this is added the confirmation that Bny Mellon will be the main custodian of the reserves that support their stable Ripple Usd (RLUSD) currency, a movement that aims to strengthen its legitimacy.
On the other hand, Ripple took a key step by requesting a national banking license in the United States. If the presentation is finally approved, its stablecoin, Ripple Usd (Rlusd) would be under the direct supervision of the Office of the Comptroller of La Moneda (OCC), which could strengthen market confidence in this new digital asset.
As if that were not enough, expectations about the possible approval of funds quoted in the stock market (ETF) based on XRP in the United States, which could open the door to a new wave of institutional investment.
If the favorable news for Ripple continues, And the macroeconomic context accompaniesit would not be unreasonable for XRP to break the resistance of $ 3.20 in the short term and look for a new ATH.
