The price of Ripple’s XRP is above $2.38 as of press time and hovers above the upper side of the trend channel. Like the other cryptocurrencies, Ripple has been volatile lately, but XRP has shown promising signs of a breakout soon. The altcoin is being traded at key support and resistance zones, and traders are waiting for a breakout from these levels.
XRP Support Level
XRP is close to a significant level at the $2.05 support level, which aligns with the 50-day exponential moving average (EMA). The 50 EMA has been a major support level in the past as the price moves downward, and this level should be watched. If the XRP price fails to hold above $2.05, further decline may be seen, indicating a reversal of the tide.
On the other hand, XRP is finding it hard to break through the $2.50 mark due to a descending resistance line. If buyers can surge through this level, XRP has the potential to start a new bullish trend. A confirmed break out, especially when the prices are accompanied by increasing volumes, would push the price to $2.80 with $3.00 possible.
Analyst XRP Forecast
On Monday, in an X post, analyst Crypto Tony discussed XRP’s price trend and stated that the coin still needs to complete the fifth wave of the Elliott Wave pattern. This missing wave indicates that XRP still has the potential to rise even more. According to Tony, even though XRP has experienced bearish price action, it is poised to move upward once this last wave happens.
In the last month, XRP has risen by 110.63% and has done so in a way that has left many other popular cryptocurrencies behind. XRP is one of the best-performing altcoins of 2024, with a year-to-date return of 281%. This has attracted retail and institutional investors who want to ride the growth of this industry.
XRP’s Next Move: Short-Term Pullback or Continued Rally?As XRP keeps on strengthening, the future price actions of the currency will determine if it will sustain the upward trend. As key resistance levels are approaching, the cryptocurrency is one of the coins to watch in the following weeks.
