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Crypto analyst Elmox has claimed that the XRP price is still bullish despite the recent Crypto -market crash. His analysis showed that XRP experiences a major resistance at $ 2.9, although it is convinced that the crypto will be this resistance and will eventually purchase up to $ 20.
XRP price is confronted with resistance of $ 2.9, but can still gather up to $ 20
In one TradingView -messageElmox outlined two scenarios for the XRP price while it looks a rally to $ 20, although he noticed that the crypto will re -test the big resistance at around $ 2.92, on the way to a new one All-time High (ATH). For the first scenario, the analyst stated that XRP would break this resistance and then shoot to $ 20.
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In the meantime, Elmox stated in the second scenario that the XRP -price Can face a new rejection, send it under the level of $ 1.5 before the witness of a bullish reversal and rallies to a new ATH. The analyst revealed that he gambles on this second scenario, because there is usually a fast crash before an impulsive movement is to the advantage.
Elmox noted that the XRP price has hardly been corrected, which is also the reason why he believes that there could still be a huge crash for a meeting to a new ATH. In the meantime, the analyst did not give an exact timing for the potential price correction and the subsequent rally for a new ATH and the $ 20 price target.
Instead, he just told the market participants to be patient. He also warned that the XRP price could be in price detection for at least mid-July. His corresponding graph showed that XRP will first fall to $ 1.20 before it witnesses an impulsive movement to $ 20.
The Altcoin records a Bullish Close
In an X post, Crypto analyst noted Casitrades that although the XRP price briefly broke under the $ 2 trend line, the candle was closed back above this trend line and the consolidation range was back. She noticed that this is exactly what bulls should see. However, the analyst added that a confirmation is needed XRP holds the range Between $ 2 and $ 2.03 as support.
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Casitrades stated that a breakdown of consolidation usually leads to further disadvantages, but the XRP price managed to restore the level quickly, which shows that buyers withdraw. She also noted that the Bullish divergence Still holding the 1-hour RSI, even after the dip with weakening of the sales pressure, which suggests that a shift in Momentum is possible.
If the XRP price has the support between $ 2 and $ 2.03, CasiTades predicts that the crypto could bounce and bounce to $ 2.25 and $ 2.70. On the other hand, if XRP loses this level, she stated that the next major support is $ 1.90, which is the 0.5 Fibonacci retracement level. In the meantime, there is also the possibility that XRP could fall to the 0.618 FIB racement level at $ 1.54.
At the time of writing, the XRP price acts according to around $ 2.10, according to more than 4% in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Adobe Stock, Chart van TradingView.com