XRP Shows Bullish Signs Amid Market Pressure and Key Upcoming Events

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XRP is feeling the heat today as market pressure builds and major coins drop. With Bitcoin nearing $100K and Ethereum falling, XRP has also slipped over 4% as traders react to political tensions and a wider market sell-off.

XRP Nears Key $2.40 Resistance

Despite the recent drop, XRP appears to be gaining momentum. Analyst Dark Defender shared recently that XRP is nearing a major resistance level at $2.40 on the weekly chart. If it breaks this key level along with the RSI barrier, it could trigger a strong upward move.

He shared that XRP has a strong price support at $2.22. If it holds above this support and breaks key resistance levels like $2.40, it could shoot up to as high as $5.85. The market seems to be ticking toward a breakout, and excitement is building across the XRP community.

Analysts Point to Crucial Resistance at $2.36 for Breakout

Analyst Egrag Crypto believes that for XRP to have a short-term bullish breakout, it needs to close above several key price levels. First, surpassing $2.30 would show early buying interest, followed by clearing $2.35 to strengthen the momentum. The most important level is $2.36, where XRP would break out from a major falling wedge pattern, which is a classic technical signal hinting at an upward trend. 

If it further closes above $2.45, then it shows strong bullish control, and crossing $2.65 is the key signal for a big upward move.

XRP Could Follow 2017 Pattern, Rally Soon?

Another analyst believes that if XRP is repeating its 2017 pattern, the final breakout could start in just 2 to 4 weeks. Back then, it had consolidated for 210 days, and this time, it has already been 190 days. So, a big move might be around the corner. However, XRP may first dip to $2 to grab liquidity before pumping.

XRP is trading around $2.12, down 4% in 24 hours. It is now testing key support near $2.07. If it breaks lower, more losses could follow. Almost all of the moving averages are negative except the 200-day EMA at $2.08, which might act as support. Indicators like MACD remain bearish, and traders seem to be waiting for a clear move.

All eyes are on June 16 next, as a major Ripple v. SEC update is expected which could decide XRP’s course. Institutional interest in XRP is also growing as VivoPower, Webus, and ACG are making major investments. Several XRP ETF applications await approval, including Franklin Templeton’s decision on June 17.