XRP price has experienced a surge of over 6% today, sparking optimism in the market. However, an analyst has issued a warning for Ripple’s coin, predicting a potential correction to $0.65 for the asset. Despite this caution, the analyst also noted that if XRP breaks through a key level in the near future, it could potentially reach double-digit territory within the next two to three weeks. This analysis highlights the current uncertainty surrounding XRP’s price movement and the importance of key levels in determining its future direction.
Analyst EGRAG CRYPTO has identified XRP’s current pattern as an Ascending Broadening Wedge, indicating high volatility. The analyst has outlined two possible scenarios for XRP’s price movement – a sharp dip or a significant increase. To confirm a bullish setup, XRP must close above $3.50, with failure to hold above $5 potentially leading to a retest of $1.90. However, a successful close above $5 could trigger a run to $6, with the possibility of reaching double-digit territory, potentially around $17.50. The analyst has highlighted a 70% chance of a downside breakout, underscoring the potential risks in the market.
EGRAG emphasized the importance of XRP’s reaction to the $5 resistance level in determining its future price action. The analyst’s outlook is contingent on whether XRP can overcome this key resistance point, with a failure potentially strengthening bearish sentiment. The recent movement of $572 million in XRP by Ripple whales has further fueled market speculations, adding to the uncertainty surrounding XRP’s price trajectory in the coming weeks.
Another expert, Dark Defender, has offered a more bullish forecast for XRP in the short term, citing a strong Relative Strength Index (RSI) on the monthly chart. The analyst expects a B Wave that could drive XRP price up to $3, potentially skipping the final C Wave and heading towards long-term targets near $5.85. Short-term bullish targets remain at $2.222 and $2.555, with key support levels between $1.95 and $2.04. These forecasts provide additional perspectives on XRP’s potential price movements in the near term.
XRP’s price increase of over 6% today has brought it to $2.16, with a one-day volume of $4 billion. The crypto has displayed high volatility, fluctuating between $2.4 and $2.17 in the last 24 hours. Expert CasiTrades has identified the next support level for XRP at $2.24, with potential targets at $2.7, $3.05, and an all-time high of $3.80 if this level is breached. These insights provide a snapshot of the current price dynamics and support levels for XRP in the immediate future.
Investors are closely monitoring developments in the ongoing Ripple vs. SEC lawsuit, which could significantly impact XRP’s price movement. A recent mysterious filing in the case has raised concerns, with an emergency request made to present decisive evidence that could sway the outcome. A positive resolution in the lawsuit could drive prices higher, while delays in the case have dampened market sentiment and contributed to XRP’s stagnant price over recent weeks. The outcome of the lawsuit remains a key factor to watch for investors and traders navigating the XRP market.
