XRP Price Battles Key Resistance at $2.9 - Could a $20 Breakout Be on the Horizon?

Crypto Analyst Predicts a Massive XRP Surge Despite Market Volatility

XRP's price action remains a hot topic in the crypto space as the token approaches a significant resistance level at $2.9. Despite the recent market downturn, crypto analyst ElmoX maintains a bullish stance, forecasting a potential rally that could propel XRP to an astonishing $20.

XRP’s Critical Test at $2.9 - Two Possible Scenarios

In a recent TradingView analysis, ElmoX outlined two potential paths for XRP’s price trajectory. The first scenario envisions a direct breakout above $2.9, triggering a powerful rally to new all-time highs (ATH), with $20 as the ultimate target.

However, the second scenario, which the analyst favors, involves a sharp rejection at $2.9, leading to a dip below $1.5 before a strong reversal sends XRP soaring. He pointed out that XRP has yet to experience a significant correction, suggesting that a deeper pullback might be necessary before the anticipated bullish breakout.

While ElmoX refrained from pinpointing an exact timeline for this price movement, he advised traders to exercise patience, hinting that XRP may remain in price discovery mode until at least mid-July. His technical chart suggests that a drop to $1.20 could precede an explosive move toward $20.

Bullish Signals as XRP Holds Key Levels

Another analyst, CasiTrades, echoed a positive sentiment regarding XRP’s recent price action. In an X post, she highlighted that although XRP briefly dipped below the $2 trendline, it quickly recovered, closing above this critical level - a strong indication that buyers are stepping in.

CasiTrades emphasized the importance of XRP maintaining the $2 - $2.03 support range. If this level holds, she predicts a potential bounce toward $2.25 and $2.70. However, if XRP loses this support, it could decline to the next key levels at $1.90 (0.5 Fibonacci retracement) or even $1.54 (0.618 Fib retracement).

Additionally, she noted that the 1-hour RSI still reflects bullish divergence, with selling pressure weakening - a sign that momentum may be shifting in favor of the bulls.

XRP’s Current Market Performance

At the time of writing, XRP is trading at approximately $2.10, reflecting a 4% decline over the past 24 hours, according to CoinMarketCap data. While short-term volatility persists, analysts remain optimistic about XRP’s long-term potential, with key resistance and support levels set to dictate the next major price move.

As traders keep a close watch on the $2.9 resistance, all eyes are on whether XRP can defy expectations and make its way toward the coveted $20 mark.