XRP Price Remains Bullish Toward $5 With Key Support at $1.60
XRP displays strong bullish signals with forecasts predicting a potential rise to $5. Analysts note the cryptocurrency's resilience amidst market fluctuations, maintaining key support levels.
Elliott Wave Analysis
- XForceGlobal indicates XRP is positioned for a significant upward movement, targeting $5.4.
- The price chart reveals XRP in the final stages of a corrective pattern, likely entering a third-wave rally.
- A Fibonacci Retracement zone between $2.00 and $1.80 is highlighted as a potential entry point.
- The critical support level is set at $1.60; staying above this maintains a bullish outlook.
- A surge past $3.20 could lead XRP to reach $5.40, marking a 40.63% increase from its ATH of $3.84.
A drop below $1.60 may shift the trend bearish, jeopardizing the bullish scenario.
Technical Analysis Insights
- Bitcoin Benny notes XRP shows recovery signs post a sharp correction in late April.
- XRP reached a high of approximately $2.3 before dropping to around $2.125, where buying pressure stabilized the price.
- The current consolidation just below $2.18 marks a critical resistance breakout level.
- A close above $2.18 could initiate a "send season," potentially pushing XRP toward previous highs.
