Key Takeaways
- XRP trades above the key support of $2.3 as bulls control the price from breaking its bullish price action.
- If the price of XRP closes above $2.5 with strong volume, the crypto analyst expects the price to rally to $3 and beyond.
- XRP price trading below the 50-day and 200-day EMAs is worrying for bulls as the price remains bearish on lower timeframes.
Ripple (XRP) has suffered a significant decline in the past weeks. Traders and investors are looking to take advantage of the price falling from its yearly high of $3.45 to a low of $2. However, the price bounced from this region to trade above its key support zone of $2.3.
Bitcoin’s crash from $107,000 to $90,500 led to cascading portfolio liquidation across the crypto space. The market is beginning to look green after weeks of trading in a downtrend, creating fear and uncertainty in the hearts of many traders and investors.
With the market showing signs of price recovery in the last few hours, confidence in some favorite crypto projects, such as XRP, which has shown great price action, is gaining investors, and institutional interest could see some buy orders push the price to the upside.
While the current price action looks encouraging and restoring positive belief in the space, top crypto analyst Ali_Charts has taken to his X account to express his disposition regarding the price of XRP and what he expects the price to do in the coming days or weeks if price holds above $2.3 support.
Crypto Experts Hints At Price Potentials
Top crypto analyst Ali_Charts highlighted his XRP speculation on his X account. He stated that if the price of XRP holds above $2.27 to $2.3, we could see a potential price rally to a high of $3, where the price could face resistance around this zone.
Ali_Charts speculation could receive a major boost with rumors of an XRP ETF (Exchange-traded funds) to allow XRP assets to be traded in the US is 90% done, with many institutions pushing for its approval in recent times. An approval for an XRP spot ETF could see a massive price gain to the upside and a potential trade towards $5 to $6.
XRP Price Analysis – Will XRP hit $5?
Source – 4H XRP Price Chart From TradingView
The price of XRP currently trades above key support of $2.3. The price must hold above this region to allow bulls to push the price higher toward a region of $3, where the price could face minor price resistance. A break and close above $3 could see the price rally towards $4, creating a new historical high with an expectation of $5 to $6.
XRP trading below the 50-day and 200-day EMAs is a tough call for bulls. Price looks bearish on the four-hourly timeframe, and it needs to trade above this region to resume its bullish price action.
The key area of interest for bulls and investors remains $2.3, as the price could bounce from this region to trade to the upside or break below and see a retest of $1.50 support.
