The post XRP Price Breakout Alert: Short, Mid and Long Term Scenarios Revealed appeared first on Coinpedia Fintech News

XRP's chart shows it's holding up better than many other altcoins and at press time, XRP is up by more than 1% and is trading at $2.16.

The price of XRP has been holding up better than many other altcoins throughout the recent downturn, and at press time, the coin is up by more than 1% over the last 24 hours and is currently trading at $2.16.

As many other analysts have pointed out, XRP’s chart shows that it’s managing to stay afloat even as the broader crypto market experiences difficulties. In a recent episode of the Thinking Crypto podcast, Caleb Franzen, founder of Cubic analytics, provided a comprehensive analysis of XRP’s price action and highlighted several key trends to observe.

"It does seem like we're getting some bearish signs in the short term, with the price pulling back from the highs and potentially forming a 'head and shoulders' pattern. However, as long as the price can manage to stay above the 200-day moving average cloud, which is currently around $1.76, then I think we'll still be okay in the mid-term."

As Thinking Crypto noted, several analysts have pointed out that XRP is now showing signs of a ‘head and shoulders’ pattern, which is typically seen as a bearish signal and could indicate that the coin is due for a pullback. However, if the coin manages to stay above the 200-day moving average cloud, which is providing support at around $1.76, then it could still be in good standing.

In the mid-term, Franzen noted that XRP's relative strength compared to other altcoins will be crucial to watch. While many other coins are currently trading below their 200-day averages, XRP has managed to hold above this key level throughout the recent downturn. This could put the coin in a good position for a breakout if the overall market manages to improve.

"If the market does turn bullish again, then I think we could see XRP really take off from here. We'll need to see some strong bullish signs before I'd be willing to say that we're guaranteed to see XRP move towards $3 or higher, but if the market does cooperate, then I think we could see that kind of price action in the mid-term."

Finally, on a long-term time frame of 1 to 2 years and beyond, Franzen said that XRP's fate will be largely dependent on regulatory developments and the broader crypto market. If the market does turn bullish again, then he thinks that XRP could move as high as $5 or more. But that scenario would be contingent on positive market conditions and potential regulatory clarity for cryptocurrencies.