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Crypto Elmox analyst said the XRP prize is still optimistic despite the recent cryptography market crash. His analysis revealed that XRP should face a major resistance at $ 2.9, although it is convinced that the crypto will eventually break this resistance and rally up to $ 20.
The XRP price faces resistance at $ 2.9 but could still rest at $ 20
In a TradingView PostElmox described two scenarios for the XRP price because he looks at a gathering at $ 20, although he noted that the crypto will retest the major resistance at around $ 2.92 in both cases, on the way to a new High of all time (ATH). For the first scenario, the analyst said that XRP would break this resistance, then soar $ 20.
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Meanwhile, in the second scenario, Elmox declared that the XRP price could face another rejection, sending it below the level of $ 1.5 before seeing a bullish reversal and gatherings to a new ATH. The analyst revealed that he was betting on this second scenario because there is generally a rapid accident before an impulsive upward movement.
Elmox pointed out that the XRP price was barely corrected, that is also why he thinks that there could still be a massive accident before a rally for a new ATH. Meanwhile, the analyst did not provide an exact calendar for the potential price correction and the later rally to a new ATH and the Price target of $ 20.
Instead, he simply told market players to be patient. He also warned that the XRP price could be in the discovery of prices up to at least mid-July. His accompanying table has shown that XRP will drop first at $ 1.20 before seeing an impulsive decision up to $ 20.
Altcoin records a bullish closure
In a post X, the Cryptrades Cryptrades analyst noted that although the XRP price has briefly broken below the trend line at $ 2, the candle closed above this trend, recovering the consolidation range. She pointed out that this is exactly what the bulls had to see. However, the analyst added that a confirmation is necessary with XRP holding the beach Between $ 2 and $ 2.03 as a support.
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Casitrades said that a ventilation of consolidation generally leads to other drawbacks, but the XRP price has managed to quickly recover the level, showing that buyers intervene. She also noted that the optimistic divergence Always up to the RSI one hour even after the decline with a weakening of the sales pressure, which suggests that a change of momentum is possible.
If the XRP price holds the support between $ 2 and $ 2.03, Casitrades predicts that the crypto could bounce and reach $ 2.25 and $ 2.70. On the other hand, if XRP loses this level, it has declared that the next major support is at $ 1.90, which is the level of trace of 0.5 Fibonacci. Meanwhile, it is also possible that XRP can fall to the FIB retracement level from 0.618 to $ 1.54.
At the time of writing, the XRP price is negotiated at around $ 2.10, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Adobe Stock star image, tradingView.com graphic
