Experienced market trader Gordon recently emphasized the bullishness on the XRP chart, despite the recent dip, following a potential price breakout.
For context, XRP has reacted adversely to the uncertainties in the cryptocurrency market. The token lost its trend above the psychological $3 price mark again, falling by over 5% in the past seven days.
This has resulted in XRP moving two spots downward in the crypto market cap ranking, as red-hot BNB and Tether’s USDT surpass its current $169 billion market cap. Nonetheless, XRP remains “beyond bullish,” according to millionaire trader Gordon.
XRP’s Beyond Bullish
The widely followed trader insisted that XRP still has strong upward momentum despite the downside. He asked if anyone could show him a chart “with more juice” than XRP, referring to the bullish formations on the daily timeframe.
His accompanying chart shows a bullish setup in a descending triangle. The structure has its origin around the July highs, when XRP rallied to $3.66. Meanwhile, XRP has continued to build momentum within the wedge, shuffling between the resistance neckline and support trendline.
As prices begin to tighten within the triangle, Gordon sees a potential breakout imminent for XRP. The chart shows a possible price rebound from the current lows, targeting higher prices.
Meanwhile, XRP’s target upon breakout is a possible swing towards the July high of $3.66, representing an approximately 30% rally from the current market price of $2.82. Notably. Gordon has shared this thought repeatedly, noting late in September that the move will be “fast and aggressive.”
XRP Must Hold “Most Important Support”
Nonetheless, XRP appears weak at press time, with prices further correcting slightly over the past 24 hours. However, top analyst Ali Martinez has identified what he called the “most important support level” for XRP.
He shared this in an X post yesterday, citing data from Glassnode. The analysis shows that the demand zone around $2.80 is crucial for XRP according to the UTXO Realized Price Distribution (URPD): ATH_Partitioned metrics.
About 2.48 billion XRP exchanged hands in the price region, suggesting it is an area with a massive demand wall. It also indicates that whales are likely to buy XRP at that price, further reinforcing the significance of the price level.
Keeping above the level keeps hopes of a rebound alive. However, falling below places XRP further into bearish territory.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
