Ripple’s XRP is experiencing a slight downturn, currently down by over three percent and trading just below the $2.40 mark. Despite this dip, XRP is finding robust support around the $2 level, while facing significant resistance as it approaches the $3 range. The price is maintaining its position between $2 and $2.24, a critical zone that must hold to sustain the bullish outlook. Monitoring these levels is essential for anticipating any potential breakout or pullback.
Exploring the Bullish Pathway
There remains a viable pathway for a bullish surge, where the existing upward trend could signal the beginning of a larger wave. For this bullish scenario to gain traction, XRP must surpass the resistance level at $2.76. Achieving this breakthrough could propel the price towards setting new all-time highs.
Considering an Alternative Scenario – Wave Correction
On the flip side, XRP might be undergoing a corrective phase, often referred to as Wave 4, where a retracement could occur. If the price experiences a five-wave decline and breaches support, a more extensive correction might ensue. Nevertheless, this does not necessarily suggest a shift to a bearish trend, as the market may still rally to higher levels following the correction.
- Resistance Levels: Between $2.46 and $2.76
- Support Levels: Between $2.24 and $2.00
Next Steps for XRP Traders
XRP’s price is currently exhibiting sideways movement, constrained between the support and resistance zones. Should a pullback materialize, the support area between $2 and $2.24 could present an excellent buying opportunity. From this foundation, we might witness a rebound that potentially leads to a third-wave advance in the longer-term scenario.
Analyst Insights: Eyeing a $5 Target
According to analyst Josh from Crypto World, XRP is in the process of forming a potential bullish flag pattern. To validate this pattern, the price must break above the resistance at $2.48 and ideally exceed the previous high of $2.62. If these conditions are met, the price target could soar beyond $5, offering a potential gain exceeding 100%.
In the event of a rejection, short-term support is situated at $2.24, with additional support around $2 and approximately $1.95. While short-term trends exhibit slight bearishness, these are minor corrections within the context of a broader bullish market outlook.
