XRP Price Struggles to Hold Crucial Support: What’s Next for Ripple Coin?

Key Insights:

• XRP price slipped over 1% today despite a broader crypto market recovery.
• An analyst said that Ripple coin must hold the $2.16 support to avoid a crash below $2.
• A top expert has set $15 target for XRP price in the long-term, sparking market optimism.

XRP price has been struggling lately, consolidating between the $1.91 and $2.34 range over the last 30 days. Ripple coin has also lost around 1% today and is hovering near a crucial support that may decide the potential future movements of the asset.

Amid this, experts have shared both short-term and long-term insights for the asset. For instance, one market pundit has highlighted the key price levels to watch for the short-term movements of the coin.

On the other hand, a renowned analyst has shared potential long-term targets for the crypto, predicting XRP to reach double-digit levels soon. So, here we explore the recent performance of the asset and where it might be heading in the near future.

XRP Price Retreat Defying Broader Market Trend

XRP price has slipped more than 1% today, with its weekly decline recorded at around 0.7%. However, on the monthly chart, the crypto has added around 1.6%, which indicates a consolidation phase for the asset.

Meanwhile, despite the recent loss, the crypto has traded at $2.18 today, holding the brief support. Notably, the crypto has touched a one-day high of $2.21 while touching a low of $2.15 in the last 24 hours.

Besides, the crypto’s Relative Strength Index (RSI) stayed near 50, indicating that Ripple coin is currently at a neutral point. However, it’s worth noting that the recent loss came despite a recovery in the broader crypto market.

The global crypto market cap was 0.7% to $3.31 trillion during writing. Having said that, the recent plunge has sparked discussions among traders about whether XRP is losing its momentum.

Analyst Highlights Crucial Price Levels for Short-Term

Talking about the short-term targets, analyst CasiTrades has highlighted the key XRP price zones that the investors should watch ahead. According to the expert, Ripple coin is at a critical point now.

Also, she highlighted the importance of holding the $2.16 support level. CasiTrades noted that after reaching the $2.30 resistance, XRP price pulled back to retest the $2.18-$2.16 consolidation zone.

According to her analysis, a hold above this level would confirm the bullish trend, potentially paving the way for the next extension wave. Meanwhile, the analyst cited the “signs of seller exhaustion” and “RSI divergence”, indicating the pullback might be a buying opportunity.

So, if XRP stabilizes and reclaims the $2.25 support level, it could then target $2.69, $3.04, and beyond. However, she also warned that a breakdown below $2.16 could lead to a deeper downside and trend reset, potentially targeting the $1.90 support level.

What Lies Ahead for Ripple Coin?

Despite the recent XRP price’s struggle to hold a key support level at $2.18, analyst EGRAG CRYPTO remained optimistic on the potential future movements of Ripple coin. In a recent X post, the analyst has outlined potential targets for XRP based on a classic ‘W’ pattern.

The three targets set by him are $15, $22, and $40 in conservative, average, and optimistic scenarios, respectively. However, EGRAG CRYPTO emphasizes the importance of strategic profit-taking and risk management.

He advised investors to secure profits along the way and not to rely solely on predictions. The analyst also highlights the need for the XRP price to break out of a descending channel, with a target to close above $2.40.

Considering all these aspects, it appears that Ripple coin must breach the $2.25 and $2.4 levels ahead to continue its run towards the north. However, investors should tread cautiously, as losing the $2.16 support could further drag down the price to below $2.

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