Despite breaking above $ 3 earlier this year, the XRP price has since been disappointed With several crashes that the Altcoin have turned upside down. As a result, the cryptocurrency has lost almost 50% of the acquired value between the end of 2024 and early 2025. Nevertheless, this is not in the bullish sentiment eroding, with predictions for higher prices that dominate the community.
Time to go on the XRP price for a long time?
A Crypto analyst on X (formerly Twitter) has renewed Bullish hope identification An important formation on the XRP price diagram. The analysis pointed out that the XRP price is still moving in a falling channel, a formation that usually indicates a Bearish movement.
However, the downward trend has pushed the price of the Altcoin Until the point at which it now tests the lower trend line. It is known that this soil trend line is more likely to act as strong support and this time is expected to do this time.
With the support of the support, it is likely that the XRP price is preparing for a strout of this level. Moreover, the Crypto analyst points out that XRP also forms a rounded soil in this falling channel. Such a rounded bottom can indicate an end to the downward trend from here.
As the formation grows, the most important level of support is now at $ 1.6. Until now, this level has held very nicely and Bulls have used it as a bouncing point for recovery. Given this, the Crypto analyst recommends that submissions for the XRP price are best with around $ 1.70 to $ 1.85.
This is not the only good news for the XRP price with forming support. If it applies and the altcoin indeed bounces from this level to $ 2, the following important levels are between $ 2 and $ 2.2. These serve as the levels for the bulls to defeat to confirm a bullish continuation in the direction of a possible of all time.
If the bulls are successful, three profit goals are placed by the Crypto analyst. These include $ 2,3385, $ 2,8160 and $ 3,3062, which pushing it to January 2025 highs.
The Bearish Case
Although the analysis is inherent bullish, there is still the possibility of invalidity that the XRP -price that further tumbles. As the analyst indicates, the most important support is currently at $ 1.6. This means that bulls must retain this level. Otherwise there is the risk of a much deeper correction, since a liquidity -waving support could further send to $ 1.3.
Nevertheless, with buy sentiments building, it is probably that XRP will follow the Bullish scenario in this case.
Graph of TradingView.com
