Ripple’s XRP has faced a slight decline, trading below $2.40 with losses exceeding 3%. However, support around the $2 level remains resilient, and the $3 mark continues to act as a significant resistance level.
Currently, XRP is holding strong between $2 and $2.24, which is a crucial zone for maintaining the bullish outlook. A breakout above $2.76 could signal a continuation towards new all-time highs, while any dip below $2 could lead to further bearish sentiment.
There remains a strong possibility of a bullish trend continuation. Analysts suggest that a break above $2.76 could propel XRP toward higher levels, with a potential target surpassing $5, representing a 100%+ gain from current levels. This would position XRP as one of the top-performing cryptocurrencies in the market.
Conversely, XRP may be undergoing a corrective phase, potentially Wave 4, where a pullback is expected. If the price breaks below support at $2, it could initiate a larger correction. However, this does not necessarily indicate a bearish trend reversal, as XRP could bounce back after the correction.
Josh from Crypto World highlighted XRP’s formation of a bullish flag pattern. If the price surpasses resistance at $2.48 and approaches the previous high of $2.62, XRP could target levels above $5. This would confirm the strong bullish momentum within the market.
For traders and long-term investors, the key areas to monitor remain $2.24 as immediate support, with $2 acting as a psychological support level. While short-term trends show some bearish pressure, these are expected to be temporary pullbacks within the broader bullish trend.
In conclusion, XRP continues to show promise, and any pullback provides a buying opportunity, supporting the potential for significant upward movement in the future.
