XRP Price Near $2.30 Tests Channel Support Ahead of $2.92 Breakout

XRP price sits near $2.30 and holds strong support around the Fibonacci 0.618 retracement level.

The rising channel pattern on the daily chart suggests a bullish trend aiming for $2.92 resistance soon.

Demand near the 0.786 Fibonacci level could push XRP higher if the current support stays intact.

XRP is trading near $2.30 as technical analysis points to a potential move toward $2.92. The chart, shared by Rose, highlights a rising channel pattern forming on the daily timeframe. Price action remains within the channel, suggesting continuation toward the upper boundary near $2.92 if the current support holds.

Source: X

The chart outlines Fibonacci retracement levels with XRP currently sitting around the 0.618 level, which often acts as strong support. A rectangular demand zone near 0.786 retracement offers additional buying interest that could propel XRP higher. Price movement within the channel reflects a bullish trend since early April.

The upward arrow on the chart indicates a projected price path, signaling potential acceleration if XRP breaks above recent highs. This move aligns with the broader trend of XRP climbing from lows near $2.10. Market participants monitor these technical cues to assess the strength of the ongoing uptrend.

Channel Formation and Fibonacci Support Guide XRP Movement

The rising channel connects key swing highs and lows, defining a clear upward slope for XRP’s daily price action. This structure implies steady buying pressure and potential for sustained gains if the lower trendline remains intact. Traders often use such channels to anticipate support and resistance zones.

The Fibonacci retracement plays a crucial role in this analysis. XRP’s current position near the 61.8% retracement suggests strong technical support. This level historically acts as a decision point for buyers and sellers, influencing the likelihood of a rebound or decline.

Further support lies near the 78.6% retracement, represented by the rectangular box on the chart. This area could absorb selling pressure if XRP dips lower. The combined channel and Fibonacci framework provides a roadmap for traders to track price movement and set entry or exit points.

The current consolidation around these levels implies a potential buildup before a breakout. Momentum indicators and volume patterns will be vital to confirm the strength of any upward move toward the $2.92 target.

Price Target at $2.92 Marks Channel’s Upper Boundary

The upper trendline of the rising channel is marked at approximately $2.92, representing a key resistance level for XRP. A successful breakout above this price could trigger further bullish momentum and attract additional buying interest.

Reaching $2.92 would imply a notable gain from current prices near $2.30. This projection fits within the broader bullish context highlighted by the rising channel and Fibonacci support. Traders and analysts often watch for such targets to validate trend continuation and plan strategies accordingly.

The pathway to $2.92 depends on sustaining the current support levels and overcoming near-term resistance. Price action must maintain its position above the 0.618 retracement and the channel’s lower boundary to preserve the bullish outlook.

Market participants may also consider external factors such as volume trends, news events, and overall market sentiment to gauge XRP’s potential to reach this target. Coordination of these elements with technical setups typically improves trade decision quality.

Will XRP Sustain Support and Break Toward $2.92?

The key question remains whether XRP can hold critical support zones near the 0.618 Fibonacci level and the rising channel’s lower boundary. A breach of these levels may delay or reverse the anticipated move to $2.92. Conversely, strong defense of support could lead to renewed buying and upward momentum.

Maintaining the channel structure is essential for this bullish scenario. XRP’s reaction to these technical levels will shape the near-term price direction. Traders and investors will be closely watching price behavior in this zone to make informed decisions.