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The price of XRP has been moving within a bullish pattern lately, but it is still facing some tough resistance on the charts. At the time of writing, XRP is trading at $2.11, down by more than 6% in the last 24 hours.
Why is XRP Price Falling?
On June 13, Israel launched an airstrike targeting Iran’s nuclear sites, which triggered a drop in cryptocurrencies As a result, the total cryptocurrency market cap dropped by 4%. Adding to this, in the ongoing Ripple vs. SEC case, both parties submitted an updated settlement proposal the same day. However, legal experts have expressed concern that the new filing still doesn’t resolve the earlier concerns.
XRP Price Prediction: What’s Next?
Right now, the important price level to watch is around $2.34 to $2.35. This is the same area where the price was rejected not long ago, and it continues to act as a hurdle for XRP.
If XRP manages to break above this zone, the next target will be around $2.44, and if the trend continues, it could climb up to $2.60. However, if the price fails to break through, there’s a chance it could drop to its nearby support levels. The first support is at $2.10, while stronger support can be found at $2.05.
Will XRP Price Fall Below $2?
On the shorter timeframes, there’s a bullish divergence still in play, which means the chances of a sharp drop in the next couple of days are low. Analysts suggest that we might see either a slow upward move or sideways trading for now.
Additionally, XRP might have already formed a bottom in April, and since then, it seems to be building up a fresh five-wave rally. This pattern is often seen when a market trend is preparing to push higher. As long as XRP stays above the $2.11 mark, the positive outlook remains strong.
However, if the price falls below $2.11, it could trigger a deeper correction, possibly sending XRP back towards the $1.94 to $1.79 range.
