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XRP Bulls Hold The Line
The XRP price continues to captivate traders and investors with its ongoing bullish momentum despite facing periodic market pullbacks. While many altcoins struggle to maintain their gains, Ripple’s XRP stands out as it eyes a breakout toward the long-awaited $5 target. According to crypto analyst XForceGlobal, a Certified Elliott Wave specialist, XRP is currently in a strategic phase that could soon spark a massive rally.
The Elliott Wave analysis reveals that XRP is in the final stages of a complex corrective pattern and is poised to enter a Wave 3 rally, traditionally the strongest in Elliott Wave theory. This means that if XRP successfully completes its current wave cycle, we could see its price soar towards $5.4, surpassing its current all-time high (ATH) of $3.84.
Key Support And Resistance Levels
To sustain its bullish path, XRP must hold above critical support levels. XForceGlobal highlights the $1.60 zone as the most vital support—if XRP stays above this mark, the bullish structure remains intact. The analyst also points to the $2.00–$1.80 Fibonacci retracement zone as an ideal entry point for traders eyeing long-term gains.
On the flip side, if XRP dips below $1.60, the bullish scenario could be invalidated, signaling a potential bearish shift. In the medium term, the path to $5 looks promising as long as buyers defend these key zones.
Analyst Bitcoin Benny also shares a bullish outlook, emphasizing the $2.18 breakout point as a crucial level to watch. A decisive break and close above this resistance could trigger what Benny calls a “send season”—a powerful momentum-driven rally that could catapult XRP to fresh highs.
Resistance Tests And Market Sentiment
Currently, XRP is wrestling with resistance near $2.1650, with multiple attempts to push higher being met by strong selling pressure. The hourly chart shows a bearish trend line forming, with resistance clustered around the $2.160–$2.1680 zone. A close above these levels is essential for XRP to regain upward momentum.
Key technical indicators such as the 100-hourly Simple Moving Average (SMA) also show resistance near $2.170, adding to the hurdles XRP must overcome. If the bulls manage a breakout above $2.20, the next significant hurdles are at $2.25 and $2.30, with a possible move toward $2.32 in the near term.
Ripple Faces Growing Pressure
While the mid-to-long-term outlook remains optimistic, XRP isn’t free from challenges. The broader cryptocurrency market is grappling with macroeconomic pressures and regulatory uncertainties. Ripple’s XRP has seen a 7.74% price drop in the past week, falling below crucial levels despite a 12.66% increase in trading volume.
As of writing, XRP trades around $2.09, down from $2.33 just a few days ago—a 4.1% loss in 24 hours. This decline reflects broader market nervousness, particularly ahead of the upcoming Federal Open Market Committee (FOMC) meeting, where the U.S. Federal Reserve is expected to hold interest rates steady.
Compounding the uncertainty are delays in the SEC’s regulatory decisions on Ripple, adding further bearish sentiment to the mix. While technical indicators continue to flash warning signs, many investors are watching to see if XRP can weather this storm and reclaim its bullish momentum.
Conclusion
XRP is at a pivotal moment. Holding above key support levels—particularly $1.60—is essential to maintain its bullish structure. A successful breakout above $2.18 could open the doors to rapid gains, potentially driving XRP towards its ambitious $5+ target in the coming months. However, investors should remain cautious, keeping an eye on macroeconomic factors and technical resistance zones that could sway market sentiment.
With strong market interest and robust technical analysis pointing to potential upside, XRP remains one of the most closely watched assets in the crypto space. The next few weeks will be critical in determining whether the bulls can push through resistance—or if bearish forces will pull XRP back down.