XRP’s price action is showing signs of a potential local bottom after touching $2.0238 on Monday, with a subsequent 6% recovery sparking optimism among analysts. Two prominent technical analysts have provided detailed insights into XRP’s current market position and potential trajectory.
Technical Analysis Points to Bullish Divergence
According to respected crypto analyst CasiTrades, XRP has tested a crucial technical level at the 0.786 Fibonacci retracement ($2.05). More importantly, bullish divergences are appearing across multiple timeframes, from 15-minute to 4-hour charts, suggesting strong potential for both immediate and longer-term recovery.
The analysis gains additional credibility when viewed alongside recent historical pattern analysis suggesting a potential 718% rally target, though immediate resistance levels must be cleared first.
Key Price Levels to Watch
Critical resistance stands at $2.25, with CasiTrades suggesting that a decisive break above this level could eliminate the need for further support retests. Support levels are currently established at:
- Primary support: $2.00-2.01
- Weekly Ichimoku base line: $1.94
- Weekly Supertrend: $1.73
- Weekly EMA Ribbon: $1.46-1.93
Head and Shoulders Pattern: Valid Concern or False Signal?
While some traders have identified a potential head and shoulders pattern targeting $1.15, Charting Guy dismisses this formation as “irregular and ugly,” suggesting it’s unlikely to play out. The overall trend remains bullish, characterized by higher highs and higher lows.
XRP Price Forecast
Looking ahead, analysts have identified several potential targets:
- Immediate resistance: $2.25
- Mid-term target: $2.70
- Extended target: $3.80+
FAQ
What is the current XRP price?
At press time, XRP is trading at $2.14.
What are the key support levels for XRP?
Key support levels include $2.00-2.01, $1.94 (Weekly Ichimoku), and $1.73 (Weekly Supertrend).
What is the next major resistance level?
The immediate significant resistance level is at $2.25.