XRP price experienced a notable surge today, up over 2%, currently hovering around $2.30. This movement aligns with the broader crypto market recovery, with Bitcoin steadily climbing and Ethereum leading the pack, posting an impressive 8% increase. Ethereum’s rise has spurred many smaller altcoins, including XRP, to follow suit. XRP is also displaying bullish divergence on charts – meaning its price shows lower lows while indicators like the RSI exhibit higher lows, suggesting potential upward movement.
Support Holds for Ripple
Looking at daily charts, XRP recently bounced off a significant support zone between $2.00 and $2.10. This area has proven reliable in the past, with prices recovering from here multiple times.
If the price dips below $2.00, analysts warn of potential decline towards $1.92-$1.95, potentially even as low as $1.80. However, for now, the bullish momentum remains intact.
Bullish Pattern Points to Future Gains
A positive signal for XRP is the formation of a double bottom pattern (also known as W pattern) on charts. This pattern often signifies an upward breakout. If this pattern unfolds, the next target would be around $2.44.
However, before reaching that level, XRP could encounter resistance near $2.35, an area that served both support and resistance previously.
Long-Term Outlook: Potential for $5
The price of XRP is currently in its fifth wave to the upside, which started after a market correction in April. This wave may propel prices above $5.00 within the coming months, assuming current support levels remain intact.
If XRP stays above the April lows and maintains its upward trajectory, analysts believe the bullish trend will continue. However, breaking below key support areas could delay the rally, implying that a correction phase is still unfolding.