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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

XRP Bounce Incoming? Analyst Targets $3–$3.15 After Support Holds

Keshav Verma
Keshav Verma
7 hours ago
2 mins read
XRP

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A cryptocurrency analyst has explained how XRP could see a bounce to $3 or even $3.15 based on this technical support level holding.

XRP Has Found Support At The Lower Level Of A Parallel Channel

In a new post on X, analyst Ali Martinez has talked about where XRP could be heading next based on a technical analysis (TA) pattern forming in its 4-hour price chart. The pattern in question is a Parallel Channel, which forms whenever an asset observes consolidation between two parallel trendlines. The upper level of the pattern provides resistance, while the lower one supports.

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A breakout of either of these trendlines can imply a continuation of the trend in that direction. That is, a surge above the channel can be a bullish signal, while a drop under it is a bearish one. There are a few different types of Parallel Channels, but the one that XRP has been traveling inside recently is the simplest variant: a Parallel Channel that’s parallel to the time-axis.

Below is the chart shared by Martinez that shows how XRP’s 4-hour price has been moving relative to the pattern during the last couple of months.

XRP Parallel Channel
The price of the coin seems to be bouncing off the support line | Source: @ali_charts on X

From the graph, it’s visible that XRP fell slightly below the support level of the Parallel Channel during last week’s price dip. The asset has since recovered back above the line, however, indicating that support may not have been lost just yet. This is a pattern that the cryptocurrency has shown with this Parallel Channel a few times already. Each time, successfully reclaiming the level was followed by a surge in the asset’s price.

XRP has been on the way up since re-entering the channel, so it’s possible that the same script could be in play once more. As for where the coin may be heading next, the analyst has suggested that the bounce could lead to $3, around one-fourth of the way into the channel, or even $3.15, situated at about the halfway point.

It now remains to be seen whether the renewed bullish momentum will continue for the cryptocurrency and a rally to one of these targets will happen, or if another setback will take place.

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XRP isn’t the only altcoin that has found support at the lower boundary of a Parallel Channel recently. As Martinez has pointed out in another X post, Stellar (XLM) may also be traveling up the channel following a bounce off the support line.

Stellar Parallel Channel
The pattern forming in the 4-hour price of XLM | Source: @ali_charts on X

As displayed in the above chart, the eventual target for Stellar may be $0.41, corresponding to the resistance line of the Parallel Channel.

XRP Price

At the time of writing, XRP is trading around $0.285, up 2.5% over the last 24 hours.

XRP Price Chart
The price of the coin seems to have rebounded over the last couple of days | Source: XRPUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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