The cryptocurrency market has been stagnating in recent weeks. However, one of the most promising assets could be poised to acquire bumps and set up to turn corners soon. In fact, Ripple (XRP) could be ready to target the $3 level and could happen sooner than investors think.
Last week, it was seen that the cryptocurrency sector was unable to form any kind of upward momentum. Bitcoin has fallen firmly to the $105,000 level after reaching record highs a few weeks ago. However, an increase could form in the asset class, especially as one token is expected to gather.
Also Read: Ripple: 3 Ways XRP Ends Dollar Dependence on Trade
Ripples up to $3: Why is XRP set to surge faster than you think?
For XRP and its investors, it was a rather troublesome few weeks. The token was settled at a price of $2.17 on Friday, and could not find solid momentum upward. Tokens have risen by just 2% over the past 30 days, according to Coinmarketcap. Plus, last week it was under 1%.
However, the fate of cryptocurrency may change. In fact, Ripple’s native token XRP could be ready to ride the waves and could happen sooner than the cryptocurrency investors are hoping for.
Also Read: Ripple: One day, XRP will reach $10 – Are you ready?
Recent analysis shows XRP shows wedge patterns falling on the weekly chart. This is important as it shows Ripple is facing significant resistance at the top trend line around $2.43. If this level can form the end of the week, optimism will be upside down by 45%. This will bring the code to a height of $3.20.
Additionally, that daily chart features an ascending triangle pattern. To achieve this, you will need to go beyond the $2.60 resistance line. However, if you can achieve this, the token can be targeted at the $3.50 level, resulting in a 60% profit for the investor.
Overall, it boasts some important technical realities that not only can positive momentum be possible, but can also be on the horizon. Although they struggled with upward momentum, they found consistent support among traders. This provides optimism that even if they fail to break through these levels of resistance, they are protected from a significant reduction in value.
