- Ripple’s price recently dipped but shows potential for a rebound, with key resistance around $3.36.
- If it holds above the 50-day SMA, XRP could target $3.50–$4.00, but failure to do so may bring a drop to $2.00.
XRP price has seen a dip recently, but don’t be fooled—things could change fast. The price fell 3% in the last 24 hours to $2.448. The trading volume dropped by 31% to $6.3 billion. So, what’s next for XRP?
Ripple Legal Drama Continues
Ripple, the company behind XRP, has had an ongoing legal battle with the US Securities and Exchange Commission (SEC). Recently, SEC lawyer Jorge Tenreiro, who led enforcement efforts against Ripple, got reassigned to an IT office role. Ripple’s executives took to social media, joking about the situation. Ripple’s CTO David Schwartz even quipped that Tenreiro might become a movie critic. It’s clear the legal drama continues to unfold.
Ripple Shows Signs of Recovery
But back to XRP’s price. The token is showing signs of potential recovery. The price chart suggests that XRP is following an Elliott Wave pattern, with a strong peak in the third wave and a correction into the fourth wave. This correction has touched the 50-day Simple Moving Average (SMA), which has now become dynamic support.
The Bullish Flag and Key Resistance Levels
Technical analysis shows that XRP formed a bullish flag between waves (1) and (2), leading to another rally. Now, the price is testing horizontal support from wave (4). If XRP holds here, a rebound could be on the horizon. The key resistance level to watch is near $3.36. If XRP can break this, it might see a further rally.
Long-Term Outlook for XRP
The long-term trend remains bullish, with the 200-day SMA at $1.31 far below the current price. This suggests that XRP has more room for growth in the long run. But, the Relative Strength Index (RSI) is sitting at 38.36, showing that XRP is nearing oversold territory. This could signal that selling pressure is fading and a price reversal is on the way.
Resistance and Support Levels to Watch
If XRP can break through the $2.80–$3.00 resistance zone, it might surge towards $3.50–$4.00. However, if it fails to hold above the 50-day SMA, we could see another drop to $2.00 before any breakout. In the long term, if XRP follows the rounding top pattern, the next major support level could be around $1.50.
Meanwhile, investors are eyeing a new crypto token called MIND of Pepe (MIND), currently in presale. Some believe it has the potential to soar 20X after launch. As always, high-risk investments like XRP require caution—don’t invest unless you’re prepared for the risks.
XRP Price
Ripple journey is far from over, and its price movements could keep surprising investors. Keep a close eye on the charts, and be ready for anything.
