The XRP market stands at a crucial technical junction, with the $2.66 price level emerging as a decisive factor for the token’s next major move. Recent analysis following the SEC’s lawsuit withdrawal suggests this specific price point could determine whether XRP continues its upward trajectory or faces a corrective wave.
Critical Price Levels for XRP’s Next Move
According to prominent crypto analyst Egrag Crypto, XRP must maintain prices above $2.66 to avoid a potential corrective phase. The analysis indicates several key price levels that traders should monitor:
- Primary resistance: $2.65-$2.70 range
- Secondary confirmation level: $2.97
- Major breakout point: $3.40 (current ATH)
- Potential downside risk: $1.70 if support fails
Wave Analysis and Price Projections
Multiple analysts have weighed in on XRP’s potential trajectory. Dark Defender projects a rally to $5, outlining a specific wave pattern:
- Wave 3: Initial surge to $4.40
- Wave 4: Correction to $3.70
- Wave 5: Final push to $5.60
SEC Lawsuit Resolution Impact
The recent resolution of the SEC lawsuit against Ripple has created a fundamentally bullish backdrop for XRP. This development coincides with broader market strength that has pushed XRP up 12% following the SEC resolution.
FAQ Section
What is the current XRP price?
XRP is currently trading at $2.45, showing a 7% increase in the last 24 hours.
What are the key resistance levels for XRP?
The critical resistance levels are $2.66, $2.97, and $3.40 (ATH).
What is the potential downside risk?
If support levels fail, XRP could potentially drop to $1.70 before resuming its upward trajectory.
Current market indicators suggest XRP is at a pivotal moment, with technical analysis pointing to significant potential movement in either direction. Traders should closely monitor the identified price levels while considering both technical and fundamental factors in their trading decisions.