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

A cryptocurrency analyst has explained how XRP could see a bounce to $3 or even $3.15 based on this technical support level ￰0￱ 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 ￰1￱ pattern in question is a Parallel Channel which forms whenever an asset observes consolidation between two parallel ￰2￱ upper level of the pattern provides resistance while the lower one ￰3￱ Reading: Crypto Suffers Nearly $1 Billion In Liquidations As Bitcoin Extends Decline A breakout of either of these trendlines can imply a continuation of the trend in that ￰4￱ is

a surge above the channel can be a bullish signal while a drop under it is a bearish ￰5￱ 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 ￰6￱ 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 ￰7￱ the graph it’s visible that XRP fell slightly below the support level of the Parallel Channel during last week’s price ￰8￱ asset has since recovered back above the line

however indicating that support may not have been lost just ￰9￱ is a pattern that the cryptocurrency has shown with this Parallel Channel a few times ￰10￱ time successfully reclaiming the level was followed by a surge in the asset’s ￰11￱ has been on the way up since re-entering the channel so it’s possible that the same script could be in play once ￰12￱ 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 ￰13￱ 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 ￰14￱ Reading: Chainlink (LINK) Triangle Setup Points To $100 Says Analyst XRP isn’t the only altcoin that has found support at the lower boundary of a Parallel Channel ￰15￱ Martinez has pointed out in another X post Stellar (XLM) may also be traveling up the channel following a bounce off the support ￰16￱ displayed in the above chart the eventual target for Stellar may be $0.41

corresponding to the resistance line of the Parallel ￰17￱ Price At the time of writing XRP is trading around $0.285 up 2.5% over the last 24 ￰18￱ image from Dall-E charts from ￰19￱