In recent weeks, XRP has consolidated between $2.40 and $2.13. The key task for the cryptocurrency is to overcome the $2.30 mark, as analysts note.
Current Situation in the XRP Market
Since December, XRP has been in a narrow price range, fueling expectations for a breakout in either direction. The high-time frame structure remains bullish, but it needs to establish above $2.30 to support short-term growth.
Analysts' Opinions on XRP's Condition
Analyst CW noted that in the short term, XRP is supported by a 'buy wall' between $2.20 and $2.23. If the support holds, the price may rise. However, if the support is lost, further drawdowns are likely.
Future of XRP and Potential Scenarios
XRP's futures market shows a 54% drop in open interest since early December, indicating thinning liquidity during the holiday season. Technical analysis suggests the potential for price movement outside the symmetrical triangle, with equal probability for a bullish or bearish outcome.
XRP has a significant path to stabilization. A breakout above $2.30 may help reach $2.95, while losing support could lead to a decline to $1.85.
