- XRP faces strong resistance at $2.35, with a breakout potentially signaling renewed bullish momentum.
- Key support at $2.20 must hold to avoid a drop toward $2.00.
- RSI nearing oversold levels suggests a possible trend reversal.
- Next upside targets include $3, with potential moves toward $5–$8 in bullish waves.
Ripple’s native cryptocurrency, XRP, has faced significant downward pressure over the past week, plunging 17% amid broader market turbulence. The altcoin dropped to a low of $2 before bouncing back as Bitcoin recovered from its $82,000 low. This relief rally has helped stabilize market sentiment, but XRP remains at a critical juncture, with traders closely monitoring its next move.
At the time of writing, the token is trading at $2.24, with a 24-hour trading volume of $12.24 billion and a market capitalization of $128.69 billion. The asset has declined 1.91% in the past 24 hours, reflecting ongoing uncertainty.
Key Support and Resistance Levels for XRP
According to crypto analyst EGRAG CRYPTO, XRP is currently testing crucial technical levels. In a 4-hour time frame analysis, he outlined several price points that could determine the asset’s short-term trajectory.
The first major resistance level is $2.35, a break above this level would push XRP back into a bullish channel, signaling renewed momentum. Conversely, $2.20 serves as an important support zone that must hold to prevent further downside.
If this level is breached, XRP could revisit $2.00, as the breakdown from an ascending triangle pattern suggests a potential retest of this area. However, traders should expect some wicking rather than a prolonged stay at this lower level.
Despite short-term volatility, long-term projections remain bullish, with expectations of the token reaching double-digit price levels in the coming months.
XRP Targets $3 as Bullish Wave Takes Shape
Another well-known trader, Dark Defender, has pointed out that XRP is finalizing an ABC correction pattern on the daily time frame. The Relative Strength Index (RSI) is nearing oversold levels, a key indicator that often signals an upcoming reversal. If the token follows historical trends, this could mark the end of the correction phase and the beginning of a strong upward move.
Based on wave analysis, the next upside targets include $3 as the initial breakout level, followed by a potential move toward $5–$8 in the next bullish waves (Wave 3–5).
Moreover, on the downside, $1.88 – $1.91 serves as a crucial support zone, where buyers may step in to prevent further declines. On the upside, resistance levels at $2.44, $2.99, and $5.85 could act as hurdles for XRP’s recovery, with a breakout above these points potentially signaling a strong bullish continuation.
Will XRP Break Out or Face More Downside?
With XRP holding critical support and showing signs of an imminent reversal, the next few days could be pivotal. If the price manages to break above $2.35, it could confirm a return to bullish momentum. However, a drop below $2.20 might extend the correction, with a possible retest of the $2.00 zone before rebounding.
As Bitcoin and the broader crypto market stabilize, XRP’s next move could define its trajectory for the coming weeks. Whether bulls regain control or further downside occurs, traders remain on high alert for the next major price action.
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