XRP Dey Eye Important $2.70 Support Before $3.70 Rally
XRP don drop 6.4% inside di last 30 days, e fall from im July 18 high wey be $3.65 go about $2.77. Even though Federal Reserve Chair Jerome Powell don change im story make e dovish and dem dey expect rate cut for September wey dey support risk assets, XRP dey face serious wahala for di $2.70 support level. Crypto analyst Ali Martinez don see one descending triangle pattern for di daily chart, with flat support at $2.70 plus descending resistance line. If e break below, e fit make am fall more, but if e bounce back, e fit clear way pass $2.90 wey align with di 50-day moving average and 61.8% Fibonacci retracement. Dis kind move fit help XRP reach di triangle apex near $3.70, set stage for possible uptick for Q4.
Bullish
XRP support level wey at $2.70 na important technical level. If e hold pass dis mark, e go cancel the bearish sign wey the descending triangle dey show, and e fit make am move pass $2.90. For history, altcoins wey dem consolidate around Fibonacci retracement levels sabi get strong follow-up rallies, like Ethereum rebounce for 2023 from e 61.8% retracement.
Plus, Federal Reserve dovish stance and the chance say rate go cut for September fit push risk-on move enter cryptocurrencies. For short term, if e bounce for $2.70, e fit attract momentum traders wey dey target the triangle apex around $3.70. For long term, money easing wey go continue and ETF development fit help push gains more. All these together dey show say XRP get better chance to bull run as long as the important support hold.