After a few months of ups and downs, The price of XRP has fallen Below $2 this month for the first time in seven months, breaking its annual support of $1.79. Although there has been some recent recovery, momentum is still low, and the chances of a sustainable recovery decline with each new decline. As the altcoin continues to struggle, a market analyst has identified the two main directions the price could take, given bullish and bearish scenarios.
The bullish case for XRP
For the price of XRP to continue rising, there will need to be some significant shift in momentum from here. First, the price will first have to break the resistance at $2.12, and then move on to test further resistance at $2.18. In case that Altcoin breaks this resistance With momentum, then Melikatrader cryptocurrency analyst He believes It could resume its upward trend.
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However, for this to happen, there must be a number of developments for the altcoin. A cryptocurrency analyst identifies three main things that need to happen Cryptocurrency to start another boom To restore the $2.35-$2.45 level.
The first is that buyers will need to regain control of the market. For the past couple of months, this has been a seller’s market, with each pump selling harder than the last. Therefore, the only way to achieve a significant recovery is for buyers to start forming the majority again.
Next on the list is the rest Resistance to confirm support. Once the above resistance is broken and turns into support, the next phase can begin. Last but not least, XRP price will break through the downtrend line, with the target at $2.35-$2.45. Only then will the pump continue.
How can the bears take control?
Just like the bulls, the XRP bears are still very active in the market and can Regain control of the alternative currency. The first thing a cryptocurrency analyst would point out is that if the price is rejected from the S&D zone, failing to reclaim $2.12-$2.18, meaning the resistance holds, the price will likely fall.
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In the event of this, it is It means a number of things happen; The first is that momentum is moving lower as sellers become the majority. Once the repression begins, the price will likely fall below $2 again and return to retest the recent lows at $1.90-$1.92. The analyst explains that this “may lead to a weakness in the new cycle.”
Featured image from Dall.E, chart from TradingView.com
