XRP’s Price Odyssey: Will the Bulls Prevail or Will the Bears Take Over?
The XRP price has been on a rollercoaster ride, and investors are eagerly waiting to see what’s next. Currently, XRP is trying to break through the resistance level of $2.35, but the lack of demand at higher levels is a significant hurdle. If the price can overcome this obstacle, it could be the catalyst for the next leg of the XRP rally, which might also increase the chances of an XRP-ETF approval.
XRP-ETF Approval: A Game-Changer?
According to Eric Balchunas and James Seyffart from Bloomberg, there’s a 95% chance that the US Securities and Exchange Commission will approve XRP, Solana, and Litecoin ETFs by 2025. This could be a massive boost for XRP, but for now, the price is still consolidating. The question on everyone’s mind is: will this consolidation be the starting point for the next price surge, or will the bears drag the price down?
XRP Price Forecast: Technical Analysis
Looking at the daily chart, we can see that the buyers are facing resistance at the 50-day moving average (SMA) of $2.24. The long wick on the candles indicates that sellers are active at higher levels. The 20-day exponential moving average (EMA) of $2.17 is a crucial level to watch in the short term. If the price breaks below this level with force, it could lead to a break above the $2.35 resistance, and the XRP/USDT pair might reach $2.65.
On the other hand, if the price breaks and sustains below the 20-day EMA, the bears might take control, and the pair could drop to $2.06 and then to $2. The buyers are likely to defend the $2 level fiercely, as a breach of this level could open the doors to a fall to $1.61.
Related Insights
Some predictions suggest that XRP’s price could reach $3 in 2025, but these forecasts might be flawed. It’s essential to take a closer look at the charts and technical analysis to get a better understanding of the market.
The 4-hour chart shows that the bears are strongly defending the $2.35 level. There’s support at the 50-SMA, but if the bears dominate, the pair could fall to $2.06. This is a critical level that the bulls need to defend, as a break below $2.06 could sink the pair to $2. On the other hand, if the price bounces off the 50-day SMA, the bulls might try to push the pair to the neckline of the inverse head and shoulders pattern. A break and close above this level could complete the bullish setup, with a target of $2.76.
Please note that this article is not investment advice, and every investment and trade move carries risk. Readers should do their own research before making any decisions.
