The cryptocurrency market has seen bullish energy in recent days, and XRP is no exception. The popular altcoin has now broken above the $2.20 mark and is just 42% away from its previous all-time high (ATH) of $3.84. The question now is: can XRP keep up this pace, or a pullback is coming?
XRP Bounces Strong From Key Support
After a period of sluggish price action, XRP recently staged a strong rebound from its critical support zone between $1.92 and $1.95. This move was fueled by improving sentiment across the broader crypto market, particularly with Bitcoin and Ethereum turning bullish in the short term.
The $2.19 to $2.20 range acted as a stubborn resistance level in recent sessions. Now that XRP has punched through this zone, it’s likely to flip into a new support area, giving bulls a solid platform to aim for higher targets.
Next Key Target: $2.30 to $2.35
The next crucial resistance lies between $2.30 and $2.35. If XRP can clear this hurdle, it opens up the path to revisit May’s high around $2.66, and move closer to the $3 mark in the coming weeks.
Despite this promising breakout, XRP’s broader trend on the daily chart still shows a pattern of lower highs and lower lows, a classic sign of an ongoing bearish trend. To truly confirm a shift back to a bullish structure, XRP would need to consistently post higher highs, starting with a decisive move above the $2.35 resistance.
Short-Term Outlook: Bullish, But Watch the Levels
The recent rally from the June 22nd low has already shown a promising three-wave structure to the upside. While this is encouraging, analysts warn that one more dip remains a possibility, especially if the price fails to hold above the $2.08 support zone.
A clean five-wave impulsive move, which would typically signal a stronger, more sustainable uptrend, is what experts are hoping to see next. If that happens, XRP could quickly push towards $2.29 to $2.32.
