XRP Price Target Set at $2 as Potential Hockey Stick Pattern Emerges

On Friday, XRP’s price surged by 10.2%, reaching $1.70 at the time of writing.

If XRP manages to convert the $1.70 level into a support zone, the next target will be the psychological barrier of $2.00. Reaching this level would place it above the trading levels seen before the lawsuit against token issuer Ripple Labs. Additionally, if the SEC withdraws or settles the lawsuit against Ripple, XRPUSD might form a hockey stick pattern in the medium term.

Meanwhile, according to Coinanalyze data, XRP’s open interest has increased by 31% in the past 24 hours. Furthermore, its futures contracts have risen by 19%. These figures indicate investor confidence in both the short-term and long-term price of XRP.

XRP’s price fluctuates around $1.68, with buyers in control according to the RSI. The momentum might face initial resistance at $1.71. However, if buyers extend their control, the price might break through this level, potentially reaching $1.74.

On the other hand, a drop below $1.68 would indicate a shift in momentum towards the downside. Therefore, the first support level might be at $1.66. However, stronger selling pressure could break this level, invalidating the upward narrative and potentially testing $1.63.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Neutral