XRP Price Face Major Resistance At $2.9, Why This Analyst Believes $20 Is Still Possible
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Crypto analyst Elmox asserts that despite recent XRP prices Crypto market crashes. His analysis shows that XRP will face a major resistance of $2.9, although he is confident that encryption will eventually break that resistance and rally it to as much as $20.
XRP price faces $2.9 resistance, but may still rise to $20
exist TradingView PostsElmox outlined two situations at XRP price, as it has a gaze of $20, although he noted that cryptocurrencies will retest major resistance in two ways, whether at around $2.92) Highest history (ATH). In the first case, analysts said XRP would break that resistance and then soar to $20.
Related Readings
Meanwhile, in the second case, Elmox says XRP Price Another rejection may be faced, sending it below $1.5 when witnessing a bullish reversal and rallied toward a new ATH. Analysts revealed that he bets in the second case because he usually collapses quickly before the impulse turns upward.
Elmox noted that the XRP price has been barely corrected, which is why he believes a huge collapse could still occur before the rally to the new ATH. Meanwhile, analysts did not provide exact timing for potential price corrections and subsequent gatherings Price target $20.
Instead, he simply told market participants to be patient. He further warned that XRP prices could fall into price discovery until at least mid-July. His accompanying chart shows that XRP first fell to $1.20 until the impulse reached up to $20.
Altcoin records a bullish shutdown
In the X post, crypto analyst Casitrades noted that although XRP price briefly fell below the $2 trend line, the candle closed on this trend line, restoring the merger range. She pointed out that this is exactly what the bulls need to see. However, the analyst added that confirmation is needed XRP holds this range between $2 and $2.03 as support.
Related Readings
Casitrades noted that the failure of the merger often leads to further disadvantages, but XRP prices have managed to quickly recover levels, suggesting that buyers are stepping in. Bullish Difference Even when sales pressures are weakened, the RSI remains to 1 hour even after the decline is down, indicating that momentum may change.
If XRP price holds support between $2 and $2.03, Casitrades predicts that cryptocurrencies can rebound and gather at $2.25 and $2.70. On the other hand, if XRP loses this level, she says the next major support is $1.90, or 0.5 Fibonacci backtrack. Meanwhile, XRP is also likely to drop to 0.618 FIB recycling levels at $1.54.
At the time of writing, the XRP price is trading at about $2.10, down more than 4% in the past 24 hours. data From CoinMarketCap.
Featured images from Adobe Stock, charts from TradingView.com
