The cryptocurrency market has seen bullish energy in recent days, and XRP is no exception. The popular altcoin has now broken above the $2.20 mark and is just 42% away from its previous all-time high (ATH) of $3.84. The question now is: can XRP keep up this pace, or a pullback is coming?
After a period of sluggish price action, XRP recently staged a strong rebound from its critical support zone between $1.92 and $1.95. This move was fueled by improving sentiment across the broader crypto market, particularly with Bitcoin and Ethereum turning bullish in the short term.
The $2.19 to $2.20 range acted as a stubborn resistance level in recent sessions. Now that XRP has punched through this zone, it’s likely to flip into a new support area, giving bulls a solid platform to aim for higher targets.
The next crucial resistance lies between $2.30 and $2.35. If XRP can clear this hurdle, it opens up the path to revisit May’s high around $2.66, and move closer to the $3 mark in the coming weeks.
Despite this promising breakout, XRP’s broader trend on the daily chart still shows a pattern of lower highs and lower lows, a classic sign of an ongoing bearish trend. To truly confirm a shift back to a bullish structure, XRP would need to consistently post higher highs, starting with a decisive move above the $2.35 resistance.
The recent rally from the June 22nd low has already shown a promising three-wave structure to the upside. While this is encouraging, analysts warn that one more dip remains a possibility, especially if the price fails to hold above the $2.08 support zone.
A clean five-wave impulsive move, which would typically signal a stronger, more sustainable uptrend, is what experts are hoping to see next. If that happens, XRP could quickly push towards $2.29 to $2.32.
XRP’s current rally is promising, with a strong rebound and bullish short-term technicals. However, watch for potential pullbacks if it fails to hold key support levels.
Yes, XRP’s broader trend on the daily chart still shows lower highs and lower lows, indicating an ongoing bearish trend. A consistent move above $2.35 is needed for a bullish confirmation.
XRP’s price is significantly influenced by overall crypto market sentiment, especially Bitcoin and Ethereum’s performance, as bullish turns in these often fuel XRP’s rallies.
The current rally shows a promising three-wave structure, but analysts warn one more dip is possible if $2.08 support isn’t held. A five-wave impulsive move would signal a more sustainable uptrend.
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