🔎 XRP Price Analysis (3 May Update)
XRP is currently trading at $2.20 and continues to move inside a rising channel pattern. Historically, these structures have a bearish bias — with a 70% chance of breaking down and only 30% probability of breaking upwards.
Key Technical Levels:
Resistance: $2.30 (needs 2 daily closes above to confirm breakout)
Support: $2.00
Breakdown Target: $1.50 (100% retracement level)
Scenarios to Watch:
1. Bullish Breakout:
If XRP closes above $2.30 on two consecutive daily candles, it could invalidate the bearish setup and signal a move higher.
Entry: Above $2.32
Target 1: $2.50
Target 2: $2.80
Stop Loss: Below $2.20
2. Bearish Breakdown (Most Likely):
If XRP fails to break above $2.30 and starts closing below $2.00, the downside targets come into play.
Entry: Below $1.98
Target 1: $1.80 (mid-level support)
Target 2: $1.50 (full channel breakdown)
Stop Loss: Above $2.10
📊 Bias: Bearish while below $2.30. Neutral until a clear breakout or breakdown confirms the next major move.
👉 At this stage, XRP needs to show strength above $2.30 to turn bullish. Without this confirmation, the bias remains downward, with potential retracement towards $2.00 or even lower.