After a 40% drop, XRP remains the focus of analysts evaluating its further growth potential amid consolidation.
XRP Demand and Supply
XRP continues to consolidate between support and resistance levels. Analyst CrediBULL Crypto suggests the price might retest the support level around $1.77 before considering a buying opportunity. Meanwhile, experts are watching for a potential market bounce, particularly from Bitcoin.
Bull Flag Formation
Analysis by Stellarbabe underscores that XRP is forming a bull flag pattern. If it breaks out of this pattern, the price could reach $12, indicating a potential 450% increase.
XRP's Five-Year Channel
According to InvestingScoope, XRP is within a five-year channel, which supports its growth in the long term. If the price stays above the 50-week moving average, it could indicate preparation for a new surge, with a potential target of $6.50.
In the current market consolidation, XRP stands at a crossroads. Analysts continue to assess its potential, noting possible growth points but emphasizing the need for caution and market analysis.
