XRP Price Holds Above $2.47, But Bulls Struggle To Gain Control
The XRP market experienced a rather turbulent trading week resulting in a net loss of 7.22%. While the altcoin has shown some stability over the past day, there is no indication of price recovery. Amid these developments, X digital asset analysis handle More Crypto Online has shared some market updates highlighting important price levels for the XRP market.
XRP Bulls Await Breakout Confirmation As Market Remains Neutral
In a new X post on February 22, More Crypto Online provides an intriguing XRP price analysis identifying the needed conditions for a bullish or bearish development. According to these analysts, XRP is currently in neutral consolidation range indicating neither bulls nor bears are welding market control.
Based on the Elliot Wave Theory, it is understood the altcoin is holding well above the critical price of $2.47 which allows a bullish orange scenario to remain viable. XRP enthusiasts must avoid any decisive price fall below this support level which could activate a yellow bearish scenario.
In this case, XRP could slide into a downtrend with potential support levels identified at $2.34, $2.22, $2.11, and $1.95. On the other hand, aside from staying above $2.47, More Crypto Online states that market bulls must force a price surge above the $2.75 resistance zone to confirm any bullish breakout. Thereafter, XRP could surge to above $3.30.
Interestingly, fellow analyst Egrag Crypto presents a higher validation point for the XRP bullish case, stating a monthly close above $3.00 is needed to show sufficient buying pressure for a sustained uptrend. As reported by NewsBTC, this development would pave the way for a new all-time high of around $6.00.
XRP Market Overview: Time To Hodl?
At press time, XRP trades at $2.56 reflecting a 0.84% in the past day. Meanwhile, the altcoin’s monthly losses have now increased to 16.18%. XRP has failed to struggle to regain its bullish form from November 2024 due to multiple factors including widespread market uncertainty.
However, data from CoinMarketCap reflects that the altcoin community remains largely bullish with expectations of long-term profitability. This optimism can be attributed to factors such as the growing potential of XRP Spot ETF amidst strong investor confidence in the new US administration’s pro-crypto approach.
Interestingly, this policy change has shown significant rewards as the US Securities and Exchange Commission (SEC) abruptly withdrew its lawsuit against Coinbase Exchange. If a similar development occurs in the Commission’s case against Ripple, it could translate into a major bullish driver for the XRP market.
