The price of XRP is rising today, up by more than 2%, currently trading around $2.30. This move is in line with a broader recovery in the crypto market, with Bitcoin climbing steadily and Ethereum leading the pack with an 8% surge. As Ethereum moves higher, many smaller altcoins like XRP are following the trend.
XRP also continues to display a bullish divergence, a signal where the price makes lower lows, but indicators like the RSI show higher lows. This often hints at a possible price bounce.
XRP Finds Support, Eyes New Targets
Looking at the daily charts, XRP recently bounced off a key support zone between $2.00 and $2.10. This area has proven strong in the past, with prices rebounding from here several times.
If the price falls below $2.00, analysts warn that it could drop toward $1.92-$1.95, and possibly as low as $1.80. But for now, the bullish momentum is holding.
Bullish Pattern Taking Shape
A positive sign for XRP is the formation of a double bottom pattern — also known as a W pattern — on the charts. This pattern often signals a potential upward breakout. If this pattern plays out fully, the next price target would be around $2.44.
However, before reaching that level, XRP could face some resistance near $2.35, an area that previously acted as both support and resistance.
Long-Term Outlook: Could $5 Be Next?
XRP appears to be in the middle of a fifth wave to the upside. This wave started in April after a market correction and could possibly push prices above $5.00 in the coming months, provided current support levels hold.
If XRP stays above the April lows and maintains its upward structure, analysts believe the bullish trend could continue. However, a break below those key support areas might delay the rally, meaning that the market is still working through a correction phase.
