XRP fell by over 8% in the last week.
In short
Ripple's cross-border token has struggled with issues in the last week, like most of the market, and fell below a key support line that has now turned into resistance.
Analysts have presented several different scenarios for this asset, which include a price drop below $2 or a rise to $4.5.
Is XRP really heading towards a new ATH?
The fourth largest cryptocurrency surged in mid-May, while the rest of the market was recovering from the crash triggered by Trump in early April. However, it could not rise above $2.6, where it was held back several times, while BTC managed to break through and reach a new all-time high of nearly $112,000. Ethereum also outperformed XRP on a monthly basis as the price of the latter seems to be stuck.
Moreover, the asset fell below $2.3 in the last few days, a level that many analysts considered critical support, which has now become a key resistance. Cryptowzrd noted that XRP closed the week uncertainly but pointed out resistance at $2.21 as the first hurdle on the long road for the asset to recover. However, if it manages to reclaim it, it could form an inverted head and shoulders, which might result in offering a 'long opportunity'.
CW believes that the time has come for XRP and suggested that the asset will likely break through the current small convergence. If this pattern holds, the next price target for XRP could be $4.5, which would mean a huge increase above the historical peak from January 2018 of around $3.4.
Bearish scenario:
While the aforementioned scenarios provide more optimistic outlooks for future price movements of XRP, Brett was not so optimistic. The analyst told over 90,000 followers on X that the Ripple token is currently at a 'critical breaking point'.
It fell below key EMAs and is currently testing the 200 EMA. If it does not hold above, XRP may head towards support at $2 or even lower. Bulls were urged to 'step in now', otherwise more pain awaits them.
