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Ripple’s XRP has gained an impressive 18% in the last seven days and is currently trading at the $2.75 mark. The third largest cryptocurrency hit a high of $2.80 before reversing back. XRP’s price action in the coming sessions will be shaped by key support and resistance levels. As for Bitcoin, the price is trading below important resistance levels, failing to establish a clear trend. Bitcoin is currently trading at $96,500 and is down by more than 2% in the last 24 hours.
Possible Bullish Scenarios
If XRP breaks above $2.79 to $2.80, the next upside targets could be $2.96 and $3.30. A strong breakout could push the price further toward $4.19 or even $5. However, until the market sees a clear breakout above the resistance levels, there’s always a possibility for further consolidation.
What’s Next for XRP?
If the price breaks out decisively above the current resistance, it could head towards new highs. But be aware of potential pullbacks into support areas. Analysts are eyeing levels around $2.80 for a breakout, with the ultimate target being the all-time high of $3.40.
Current Trend Overview
The price saw a strong rally in November, breaking above the 2021 high of $1.96. After reaching a high of $2.90 in early December, it entered a corrective sideways pattern. The market has been volatile, but the range remains quite large. However, the price found support around $1.95 in early February, and this level could act as a key point for future price movements.
Key Support Levels (mid-term)
The support range for XRP is between $1.96 and $2.35. A rally from the low around February 3rd is currently in play, but some experts believe the price may still see another dip into the support area before a major breakout.
