XRP Price Pulls Back 25% from Recent High, Analysts Split on Future
XRP has experienced a 25% pullback from its recent high of $2.90, prompting investor speculation about its next move. Analysts are divided: some maintain optimism for XRP to regain momentum, while others anticipate a deeper retracement before any significant rally. Market sentiment is mixed, with bulls aiming for a breakout and skeptics preparing for a potential sell-off.
Crypto analyst Harry provided a technical analysis indicating that XRP could target $4 after completing a deeper retracement. He noted that bullish sentiment remains but may require consolidation or a short-term dip to reset market conditions.
This divergence in opinions highlights the uncertainty surrounding XRP's price action. The upcoming days will be crucial in determining whether the retrace serves as a launchpad for a rally or leads to extended bearish pressure.
Price Action Signals Storm Before The Run
XRP's recent retracement suggests further correction or consolidation may occur before a bullish continuation. After reaching high levels, some experts predict a stabilization period, while the bullish camp remains hopeful for new highs as buy-side pressure increases.
Harry pointed out that XRP has not yet retested the critical $1.96 breakout level, currently trading between $1.96 and the 2017 all-time high of $2.77. His analysis indicates growing bullish momentum.
If XRP's current flag formation breaks upward, it could signal a powerful rally toward new highs.
This analysis coincides with ongoing speculation surrounding XRP's price trajectory amid Bitcoin's volatility. BTC has fluctuated around the $100K level, adding uncertainty to the market.
XRP Showing Indecision
XRP is trading at $2.40, reflecting a 14% recovery from local lows of $2.16. Despite this bounce, price action remains uncertain as market sentiment is divided. Traders are closely monitoring upcoming moves without clear indications of a bullish continuation or the formation of a cycle top.
Key levels to watch are $2.25 and $2.50. Holding above $2.25 and reclaiming $2.50 could indicate the start of a renewed bullish rally, attracting additional buying pressure toward recent highs. Conversely, failure to reclaim these levels may lead to further consolidation or downside risk.
XRP's next move will be critical in shaping its trajectory amidst fluctuating trends in Bitcoin and the broader crypto market. The token remains in a delicate position, requiring cautious observation of pivotal price levels. Its ability to resume upward momentum or face additional correction will depend largely on forthcoming market conditions.
Featured image from Dall-E, chart from TradingView