XRP prices have lately been moving within a bullish trend, but are facing significant resistance on the charts. Currently, XRP is trading at $2.11, down over 6% in the last 24 hours.
Reasons for XRP Price Drop
On June 13, Israel carried out an airstrike on Iran's nuclear sites, triggering a drop in cryptocurrencies. As a result, the total cryptocurrency market cap fell by 4%. Additionally, in the ongoing Ripple vs. SEC case, both parties submitted an updated settlement proposal on the same day. However, legal experts have expressed concerns that the new filing still does not resolve earlier issues.
XRP Price Predictions
Currently, the critical price level to watch is around $2.34 to $2.35. This is the same area where the price was recently rejected and continues to act as a hurdle for XRP. If XRP manages to break above this zone, the next target will be around $2.44. If the trend continues, it could rise to $2.60. However, if the price fails to breach this resistance, there is a chance it could drop to nearby support levels, with immediate support at $2.10 and stronger support at $2.05.
Probability of Falling Below $2
On shorter timeframes, there is still a bullish divergence in play, suggesting that the chances of a sharp drop in the next few days are low. Analysts indicate that we might see either a slow upward movement or sideways trading for now. Additionally, XRP may have already formed a bottom in April, and since then, it seems to be building up a fresh five-wave rally. This pattern is often observed when a market trend is preparing to push higher. As long as XRP remains above the $2.11 mark, the positive outlook stays strong. However, if the price falls below $2.11, it could trigger a deeper correction, possibly sending XRP back toward the $1.94 to $1.79 range.
The current state of XRP prices presents a complex picture, combining factors of both volatility and resilience. Monitoring key support and resistance levels will be crucial in determining XRP's future movements.
