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.
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.
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.
Curious about XRP’s future? Read Our Long Term XRP Price Prediction and discover where this crypto could be heading next!
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 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.
XRP might reach a high of $3.99 or an average of $3.07.
At the time of writing, the price of 1 Ripple token was $2.3124
A pullback could test the support zone between $2 and $2.24. It could be a buying opportunity before a potential third-wave surge.
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