XRP has begun to gain some momentum from below, and in less than a month, it has gained over 11% after losing over 15% in January. The analysts suggest that the possibility of a BARR pattern, which occurs when there is the culmination of a downtrend, indicates a decent short-term bullish trend that could last for several months.

Key Resistance Levels in Focus

After reaching a high at $3,45 on January 16th, the XRP corrected by using a downward trendline to define its price action. This correction would likely come to $2,72 if the buying is strong enough to sustain this level.

The resistance level at this price would bring it into the breakout point. Should this breakout price fail to overcome $2,72, the downside breakout could take the XRP price one step further toward the previous high, which would send the altcoin on a parabolic rally.

Will XRP hit $4?

The crypto analyst @Steph_iscrypto pointed out that XRP recovered its EMA ribbons on the daily time frame. It could open doors for a potential 409% rally following a breakout of that setup.

If it materializes, the EMA break on the daily would seemingly underline an advance to the psychologically important $4 threshold, representing a further upside of 46% from its current price level. Nonetheless, retesting of the trendline would serve well for traders unable to enter into positions at current levels.