Ripple’s XRP Price Analysis: Is a Bullish Breakout on the Horizon?

Ripple’s XRP has seen a slight decrease of over two percent, currently trading at $2.41. Over the past week, the altcoin has dropped by more than seven percent. Despite this, XRP remains in a larger bull market, with no confirmed lower highs or lows on the weekly time frame. In recent weeks, XRP has faced a short-term bearish trend within the overall bullish market.

Price Prediction

At present, XRP is testing support levels between $2.33 and $2.40. There is potential for a short-term bounce from this range. However, if the price fails to hold above these levels, it may decline to the next support area between $2.00 and $2.23. Should XRP manage to stay above $2.40, a breakout above $2.62 could lead to a rally towards $3.00 and potentially test the all-time highs near $3.25.

Support and Resistance Levels

The primary resistance zone is between $2.90 and $3.00, a critical level to monitor for potential price rejection. On the downside, the initial key support lies between $2.33 and $2.40. If XRP drops below this range, the subsequent support is between $2.00 and $2.23. The upper boundary of the trend channel is also serving as support, and a break above this level could prompt a more aggressive breakout.

Analyst Insights

Analyst Josh from Crypto World suggests that a close below $2.40, particularly under $2.29, may indicate a drop towards support levels around $1.90. Notably, strong support is present around $2, where previous resistance now acts as new support. If XRP maintains this level, it could continue its upward trajectory. While there are possible signs of a reversal, a solid bullish breakout lacks sufficient confirmation at this time.