Market Analysis: XRP Shows Promising Technical Setup Despite Recent Crash
In a surprising development for XRP traders, crypto analyst Javon Marks has identified a potentially powerful bullish signal amid the recent price decline. Despite XRP dropping over 13% in the past 24 hours to $2.15, a hidden bullish divergence pattern on the daily chart suggests this correction could be setting up for a major upward move. Recent analysis showing historic XRP patterns adds further weight to this bullish outlook.
Technical Analysis Reveals Hidden Strength
The current price action shows a fascinating technical setup:
- RSI forming lower lows while price creates higher lows
- Daily chart showing textbook hidden bullish divergence
- Critical support level at $2.00
- Potential target of $3.80, surpassing current ATH
Historical Parallels Paint Bullish Picture
The current consolidation phase bears striking similarities to XRP’s behavior in 2017, which preceded a significant rally. While today’s consolidation has extended longer, the structural similarities suggest a similar outcome could be approaching.
Key Price Levels to Watch
Traders should monitor these critical levels:
- Current Price: $2.15
- Critical Support: $2.00
- Bullish Target: $3.80
- Previous ATH: $3.40
Market Implications
The presence of this hidden bullish divergence, combined with historical patterns, suggests XRP could be preparing for a significant move higher. However, traders should exercise caution as the $2.00 support level remains crucial for maintaining this bullish outlook.
Source: NewsXRP