The price of XRP is rising today, by more than 2%, which is currently being traded around $ 2.30. This movement is in line with a broader recovery in the cryptomarket, where Bitcoin steadily climbs and Ethereum leads the platoon with an increase of 8%. As Ethereum moves higher, much smaller altcoins such as XRP follow the trend.
XRP also continues to show a bullish divergence, a signal where the price makes lower lows, but indicators such as the RSI show higher lows. This often indicates a possible price bouncing.
XRP finds support, eyes new goals
Looking at the daily graphs, XRP recently bounced from an important support zone between $ 2.00 and $ 2.10. This area has proven strong in the past, with prices that come back several times.
If the price falls below $ 2.00, analysts warn that it could fall to $ 1.92- $ 1.95 and possibly as low as $ 1.80. But for now the Bullish Momentum is holding.
Bullish pattern that takes shape
A positive sign for XRP is the formation of a double bottom pattern – also known as a W pattern – on the graphs. This pattern often indicates a potential upward outbreak. If this pattern takes place completely, the next price target would be around $ 2.44.
Before XRP reaches that level, XRP could, however, be confronted with some resistance near $ 2.35, an area that previously acted as support and resistance.
Outlook in the long term: can $ 5 be the following?
XRP seems to be in the middle of a fifth wave to the advantage. This wave started in April after a market correction and could possibly push prices above $ 5.00 in the coming months, provided that the current support levels are in force.
If XRP stays above the LOS points of April and retains its upward structure, analysts believe that the bullish trend could continue. However, an interruption among those important support areas can slow down the rally, which means that the market still works through a correction phase.