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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

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

Scott Matherson
Scott Matherson
3 months ago
3 mins read
XRP

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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. 

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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
Source: ArShevelev on Tradingview

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.

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

3 months ago

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
XRP trading at $2.20 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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