XRP Price Face Major Resistance At $2.9, Why This Analyst Believes $20 Is Still Possible

Crypto analyst ElmoX has asserted that the XRP worth continues to be bullish regardless of the latest crypto market crash. His evaluation revealed that XRP is ready to face main resistance at $2.9, though he’s assured that the crypto will ultimately break this resistance and rally to as excessive as $20. 

XRP Value Faces Resistance At $2.9 However Might Nonetheless Rally To $20

In a TradingView post, ElmoX outlined two situations for the XRP worth because it eyes a rally to $20, though he famous that the crypto will retest the most important resistance at round $2.92 both manner, on its option to a brand new all-time high (ATH).  For the primary situation, the analyst said that XRP would break this resistance after which skyrocket to $20. 

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In the meantime, within the second situation, ElmoX said that the XRP price may face one other rejection, sending it beneath the $1.5 stage earlier than it witnesses a bullish reversal and rallies to a brand new ATH. The analyst revealed that he’s betting on this second situation since there’s often a swift crash earlier than an impulsive transfer to the upside. 

ElmoX remarked that the XRP worth has barely corrected, which can also be why he believes there may nonetheless be a large crash earlier than a rally to a brand new ATH. In the meantime, the analyst didn’t present a precise timing for the potential worth correction and subsequent rally to a brand new ATH and the $20 price target. 

As a substitute, he merely informed market individuals to be affected person. He additional warned that the XRP worth may sit in worth discovery till no less than mid-July. His accompanying chart confirmed that XRP will first drop to as little as $1.20 earlier than it witnesses an impulsive transfer to as excessive as $20. 

The Altcoin Information A Bullish Shut

In an X submit, crypto analyst CasiTrades famous that though the XRP worth briefly broke beneath the $2 trendline, the candle closed again above this trendline, reclaiming the consolidation vary. She remarked that that is precisely what bulls wanted to see. Nonetheless, the analyst added {that a} affirmation is required with XRP holding the range between $2 and $2.03 as assist. 

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CasiTrades said {that a} breakdown from consolidation often results in additional downsides, however the XRP worth managed to get well the extent shortly, exhibiting that patrons are stepping in. She additionally famous that the bullish divergence continues to be holding as much as the 1-hour RSI even after the dip with promoting stress weakening, which suggests a shift in momentum is feasible. 

If the XRP worth holds the assist between $2 and $2.03, CasiTrades predicts that the crypto may bounce and rally towards $2.25 and $2.70. However, if XRP loses this stage, she said that the subsequent main assist sits at $1.90 which is the 0.5 Fibonacci retracement stage. In the meantime, there’s additionally the likelihood that XRP may drop to the 0.618 Fib retracement stage at $1.54. 

On the time of writing, the XRP worth is buying and selling at round $2.10, down over 4% within the final 24 hours, based on data from CoinMarketCap.

Featured picture from Adobe Inventory, chart from Tradingview.com