The price of XRP has evolved quietly without major changes in the past few days. On the daily graphic, XRP recently dropped below a significant level of resistance at $ 2.34. Currently, he finds a certain support around $ 2.30, but he continues to fight to go up above $ 2.34, which has turned into a new point of resistance.
If the price can break and stay above this level, the following targets would cost about $ 2.44, then a stronger resistance between $ 2.55 and $ 2.62.
For the moment, the market is still in an upward trend, which means that it makes higher and higher ups – but an appropriate rebound is soon necessary to maintain this upward trend.
There is also a chance that XRP forms a reversal head and shoulder pattern on the daily graphic. If this model ends and the price exceeds $ 2.62, it could push XRP to new heights, perhaps even beyond $ 3. However, this model is not yet confirmed – it must still form the right side of the pattern and break above the levels of resistance of the keys.
Short -term market movement
The price was blocked between $ 2.15 and $ 2.31 without any strong movement in both directions. A small decrease of five waves was seen on Friday, but it did not lead to a greater price drop.
As long as the market remains less than $ 2.43 to $ 2.44, there is still downward pressure. If XRP is still dropping, the key support levels to monitor are about $ 2.15 and $ 1.95. However, this withdrawal is more like a healthy correction rather than at the start of a major decrease trend.
What is the situation as a whole?
Even with this short -term weakness, the overall structure of the market always supports a bullish perspective. There was a clear movement at five waves from the hollow from April to May 12, and now the market seems to go through a normal withdrawal phase. As long as XRP remains above significant support at $ 1.79, the long-term upward trend remains safe.
