In recent weeks, XRP has exhibited a sideways trend
yet it continues to capture the interest of the investment community. As the altcoin encounters critical support around the $2.30 mark, analysts emphasize potential upcoming volatility. Despite the overall market sluggishness, XRP maintains its upward trajectory, though technical indicators present an uncertain picture. Experts are assessing the factors signaling both potential spikes and declines in the coming weeks.
XRP’s Critical Support and Resistance Levels
The recent price movements of XRP have heightened uncertainty among investors. The altcoin has retreated to around $2.30, in line with the general downward trend observed in the wider market. This region is highlighted as a crucial support level in technical analyses and could lead to a drop towards the $2.10-$2.15 range if daily candlesticks close below this benchmark.
On the other hand, the overall trend for XRP remains upward. The formation of higher lows and higher highs over recent months supports this trend. Nonetheless, in the short term, the $2.44 resistance level and the $2.55-$2.62 range pose significant hurdles for any further gains. If these levels are successfully surpassed, discussions of testing new peaks may arise.
Potential Scenarios for the Altcoin
Among analysts, the likelihood of a “reverse head and shoulders” pattern for XRP is noteworthy. To complete this formation, the altcoin would need to drop to the $2.10-$2.15 range before rebounding swiftly upward. Should such a scenario play out, targeting $3 and above could become feasible for XRP. However, experts caution that it is currently premature to assume the formation’s validity without breaching certain key thresholds.
Another scenario is based on a five-wave corrective structure, suggesting that XRP could be moving within a correction wave since its last peak. If reversals occur at micro resistance levels in the $2.35-$2.44 range, the likelihood of retesting support could increase. Analysts particularly underscore Bitcoin
$0.000039‘s overall market performance as influential on XRP’s trajectory.
