The price of XRP has been stuck in a tricky situation lately. While the long-term trend remains bearish, some short-term relief has appeared over the last few days. Let’s break down what’s happening with XRP right now.
XRP Still in a Pullback Phase
Currently, XRP is holding onto a support area between $2.10 and $2.15. This zone has attracted strong buying pressure, offering temporary stability after a series of bearish moves. However, unless the price manages to push past certain resistance levels, the risks for XRP remain on the downside.
The immediate resistance stands between $2.30 and $2.34. If XRP can break through this level, the next hurdles are placed at $2.44 and then between $2.56 and $2.62. These are crucial areas to watch because a breakout above them could change the entire direction of XRP’s price trend.
Is a Bearish Pattern Forming?
If XRP gets rejected at the resistance between $2.30 to $2.34, it risks forming a head and shoulders pattern on the daily chart. This is a bearish sign and could drag XRP’s price well below $2.
To avoid this, XRP needs to close candles above $2.34, and ideally above $2.44. If that happens, it might even hint at a bigger bullish pattern called an inverse head and shoulders, which could lead to higher prices.
That said, there’s an important safety net for XRP bulls. As long as the price holds above the support zone between $1.21 and $1.55, the long-term bullish case remains intact. A fall below this area, however, would mean that a bigger correction is still unfolding.
What’s the Bigger Picture?
On a longer time frame, analysts are tracking XRP’s movement using Elliott Wave Theory. According to this, XRP might currently be in a fifth wave to the upside, aiming for much higher targets like $5.65 — but only if the market gains bullish momentum and breaks into new all-time highs.
Credit: Source link
