XRP Price Faces Resistance at $2.9 but Analyst Predicts Potential Rally to $20
Crypto analyst ElmoX indicates that the price of XRP remains bullish despite recent market downturns. Key points from his analysis include:
- XRP faces major resistance at $2.9.
- Potential for XRP to rally up to $20 after breaking this resistance.
- Two scenarios outlined:
- First scenario involves a breakout above $2.9, leading to a rise to $20.
- Second scenario suggests a possible drop below $1.5 before a bullish reversal and new all-time highs (ATH).
- No specific timing provided for potential corrections or rallies.
- Price may remain in discovery until mid-July, with a possible drop to $1.20 before an upward move.
Analyst CasiTrades noted that although XRP briefly dipped below $2, it closed above this trendline, indicating bullish sentiment. Key takeaways include:
- Confirmation needed for support between $2 and $2.03.
- Failure to hold this level could see XRP drop to $1.90 or $1.54 based on Fibonacci retracement levels.
- Current trading price is around $2.10, down over 4% in the last 24 hours.
