Ripple’s XRP is currently experiencing a decline of over three percent, trading below the $2.40 mark. This cryptocurrency is showcasing resilience by bouncing back from the $2 level, which serves as a robust support zone, while the $3 range presents a formidable resistance. The price is strongly positioned between $2 and $2.24, a critical area that must maintain its stance for the bullish outlook to remain viable. These levels are pivotal in observing any potential breakout or pullback, making them essential for investors to monitor closely.
Exploring the Bullish Pathway
Despite the current dip, there’s still room for a bullish move. The present uptrend might signal the beginning of a larger wave, contingent on the price breaking through the resistance at $2.76. Should this breakthrough occur, XRP could push towards new all-time highs, creating exciting opportunities for investors eyeing long-term gains.
Alternative Scenario: Wave Correction
Conversely, XRP could be entering a corrective phase, known as Wave 4, where a pullback might occur. In this scenario, a five-wave move downward breaking support could initiate a more extensive correction. However, this doesn’t necessarily imply a bearish trend; instead, it might pave the way for higher prices post-correction.
- Resistance: Between $2.46 and $2.76
- Support: Between $2.24 and $2.00
Next Steps for XRP
The current price action for XRP is largely sideways, as it remains wedged between key support and resistance levels. In the event of a pullback, the support zone between $2 and $2.24 could present an attractive buying opportunity for investors. From this point, we might witness a rebound and potentially a third-wave push higher, aligning with long-term bullish forecasts.
Analyst Eyes $5 Target
Crypto World analyst Josh has identified a potential bullish flag pattern forming in XRP’s price movement. For this to be confirmed, the price needs to break above the resistance at $2.48 and ideally surpass the previous high of $2.62. Achieving these milestones could propel XRP to a target above $5, offering more than a 100% gain. In the event of a rejection, short-term support exists at $2.24, with additional support at the $2 level and around $1.95. While short-term trends appear slightly bearish, these are considered minor pullbacks within a broader bullish market context.
