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Ripple’s XRP is currently down by more than three percent and is trading below the $2.40 levels. XRP is bouncing from the $2 level, which remains strong support, while the $3 range acts as significant resistance.
The price is holding strong between $2 and $2.24 and this area must hold for the bullish scenario to remain intact. These levels are also important to monitor for any potential breakout or pullback.
Bullish Pathway:
There’s still a possibility for a bullish move, where the current uptrend could be the start of a larger wave. To confirm this, the price needs to break through the resistance at $2.76. If this happens, the price could push higher towards new all-time highs.
Alternative Scenario – Wave Correction:
Alternatively, the price could be in a corrective phase (Wave 4), where a pullback might happen. If the price sees a five-wave move down and break support, a larger correction could start. However, this doesn’t necessarily mean the trend will turn bearish, as it could still lead to higher prices after the correction.
Resistance: Between $2.46 and $2.76
Support: Between $2.24 and $2.00
Next Steps for XRP:
The price is currently seeing sideways price action, squeezed between support and resistance. If a pullback occurs, the support zone between $2 and $2.24 could be a great buying opportunity. From there, we may see a bounce and possibly a third-wave push higher in the longer-term scenario.
Analyst Eyes $5 Target
Analyst Josh of Crypto World said that XRP is forming a potential bullish flag pattern. To confirm this, the price needs to break above resistance at $2.48, and ideally surpass the previous high of $2.62. If this happens, the price target could be above $5, offering a potential 100%+ gain.
In case of rejection, short-term support is at $2.24, with further support at the $2 level and around $1.95. While short-term trends are slightly bearish, these are minor pullbacks within a larger bullish market.