Crypto analyst Ali Martinez identifies $2.27 as a critical support level for XRP price.
He emphasized that the price must stay above this level to maintain its bullish momentum and prevent a downward trend.
This support zone aligns with the 23.6% mark of the Fibonacci sequence, reinforcing its significance in the altcoin’s price movement.
If XRP price fails to hold above $2.27, it could drop below the parallel channel, weakening its upward momentum.
However, Martinez suggests that if the price remains above this level, it could rebound and reach $3.
The $2.50 resistance level will play a crucial role in determining whether Ripple continues to rise or enters a consolidation phase.
Analysts Split XRP Next Direction
Moreover, another analyst, Rose Premium, highlights $2.41 as a key support level for Ripple.
The price is currently fluctuating around this level, suggesting a potential shift toward a bullish trend.
In this scenario, XRP could face short-term resistance at approximately $3.12 and $3.73.
Meanwhile, order book expert Don emphasized the importance of XRP maintaining a position above a critical support level.
This indicates a balanced struggle between buyers and sellers, with neither side holding a clear advantage.
However, Don noted that XRP’s next move is very much dependent on Bitcoin price direction.
Bitcoin price formed four daily doji bars in a row, indicating uncertainty for BTC and other cryptocurrencies.
The surge in the Bitcoin price will positively affect Ripple if it gains traction in the market.
Can XRP Rally Toward $6?
Supporting the bullish outlook, analyst Dark Defender observed XRP Price is in the last stage of the consolidation pattern, and a breakout may be next.
Citing Relative Strength Index (RSI) lows, Dark Defender predicted that XRP price has the potential to target $5.85 and beyond.
Additionally, he concluded that the crypto was in the third phase of price swings traditionally resulting in a powerful upturn.
This suggests that if the trend persists, XRP price could target $8.76 in the weeks to come.
Meanwhile, analysts remain optimistic about XRP price potential surge to $8, provided it holds key support levels.
Analyst Dark Defender highlighted $3 as a crucial resistance, with Elliott Wave patterns signaling a potential rise to $5.85 before targeting $8.
XRP ETF Speculations Boost The Market
In addition to charts and indicators, fundamentals also support a bullish momentum.
Recently, Nasdaq has submitted the 19b-4 form concerning CoinShares XRP and Litecoin ETFs to the US SEC.
If implemented, it could increase the demand for XRP and could attract institutional investors to the digital asset.
Furthermore, according to a recent report, Grayscale officially filed with the NYSE to launch a Spot XRP ETF, seeking SEC approval to convert its XRP Trust into a regulated exchange-traded fund.
This move will provide institutional investors with easier access to Ripple without the need for direct acquisition.
The post XRP Price To $3? Bulls Defend Support As Momentum Builds appeared first on The Coin Republic.
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