XRP displayed renewed short-term strength on February 26, trading at $1.45, with a 5.40% daily gain. Technical patterns suggest that the digital asset has the potential to reach the next target at $1.60. The key support levels are in place near the $1.40 price, which has the potential to reach the next target at $1.60.
Currently, XRP is trading at $1.45 and has risen by 5.40% over the past 24 hours. The daily trade volume of the digital currency stands at $6.34 billion, with its market capitalization standing at $88.23 billion. XRP now holds 3.77% of the total crypto market share.
XRP Approaches $1.40 Support Level
XRP shows a structured trading setup as the cryptocurrency approaches the $1.40 support level. Crypto analysts CryptoPulse suggest buying near this level with a target in the $1.60 range, emphasizing that the trade remains valid as long as $1.40 holds. Risk is defined, and the potential upside is clear for strategic traders.
CryptoPulse highlighted that execution is crucial in this setup, advising traders to either bid at $1.40 or wait for confirmation. The trade is actively monitored on BTCC in real time, offering investors a disciplined approach to trading XRP without letting emotions drive decisions.
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Reclaiming $1.60 Could Boost Momentum
Technical observers also highlight the formation of a possible Gartley harmonic pattern near the $1.30 zone. Harmonic patterns rely on Fibonacci retracement levels to project future price movements, and XRP’s recent reaction from the 0.618 Fibonacci retracement aligns with the early stages of this structure.
The recent price movements suggest that the price is in the process of forming the third component of the harmonic pattern, which is the C leg. The third component of the harmonic pattern is a critical segment in the formation of the price pattern.
If the price of the asset holds up in the support zone and there is increased buying pressure in the price of the asset in the vicinity of the zone, then the price is likely to break the pattern in the direction of the D leg. The D leg usually completes the harmonic pattern, indicating that the price is likely to push up in the direction of the higher resistance levels.
However, the most crucial price level that holds the structure in the case of the harmonic pattern is the price of $1.20 in the high-timeframe support zone. If the price breaks below the zone, then the structure changes in favor of the bears.
On the other hand, if the price breaks the resistance levels in the vicinity of the $1.60 price levels, then the price is likely to push up in the direction of the higher resistance levels in the vicinity of the $1.80 price levels. The price of the asset is in the process of forming a harmonic pattern.
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