The XRP market has moved laterally laterally, and analysts are impatient to see if an escape or a deeper withdrawal then occurs. Let’s decompose what is happening on the graphics right now and what could be in reserve for XRP in the short and medium term.
Short -term XRP price action
XRP recently experienced a soft withdrawal, after the coolant in the larger cryptography market. The price dropped below a key retrace level but managed to find solid support around $ 2.30 – an analyst level had looked closely. This price zone between $ 2.30 and $ 2.34 served as a safety net, XRP bouncing on its lower limit.
However, if the price is starting to close daily candles below $ 2.30 and will not recover it quickly, the chances of increasing more. In this case, the next important support is between $ 2.10 and $ 2.15.
Is the upward trend still intact?
Despite recent withdrawals, the wider trend for XRP remains optimistic for the moment. The price continues to train higher and higher ups, a classic sign of an upward trend. What the market is currently seeing is more a temporary break in this bullish momentum.
As for the resistance, the immediate pressure is at $ 2.44, while a larger resistance zone extends from $ 2.55 to $ 2.62. Overcoming these levels would be a crucial step so that the bulls regain control.
A possible inverse head and the shoulders forming?
Interestingly, if XRP continues to withdraw around $ 2.10 at $ 2.15 and bounces from there, it could lay the basics of an opposite head and reverse shoulder on the daily graphic. This classic upward training often points out a major trend reversal if it is confirmed.
For the moment, this model is not confirmed – this is only a possible configuration to monitor. But if he takes shape and that XRP manages to break above the retracement area of the golden pocket afterwards, he could open the doors to a powerful rally. In fact, if the model takes place fully, analysts predict that XRP could target targets beyond $ 3, which potentially new peaks of all time.
A scenario that certain analysts envisages implies a five wave decline structure which already takes place from the recent. If this takes place, XRP could now work on a retracement of the wave 2, before heading again to test the main levels of support.
The micro-resistance levels to look at in this scenario include the range from $ 2.35 to $ 2.44. A rejection here could maintain the downward pressure intact in future sessions.
