XRP Price Faces Resistance At $2.9 But Could Still Rally To $20

Crypto analyst ElmoX believes the XRP price remains bullish despite the recent market downturn. His analysis indicates that XRP will encounter significant resistance at $2.9 but is poised to eventually break through and possibly reach $20.

In a TradingView post, ElmoX proposed two scenarios for XRP’s price trajectory:

1. Bullish Scenario: XRP breaks the $2.92 resistance, leading to a surge toward $20.
2. Bearish Scenario: XRP may face rejection, dropping below $1.5 before reversing to hit a new all-time high (ATH).

ElmoX favors the second scenario, emphasizing that a rapid crash often precedes impulsive upward movements. He noted that XRP has only slightly corrected, suggesting another significant drop may occur before a rally to a new ATH. He advised patience, stating that XRP might experience price discovery until at least mid-July, predicting a decline to $1.20 before potential growth to $20.

The Altcoin Records A Bullish Close

Analyst CasiTrades pointed out that although XRP briefly dipped below the $2 mark, it managed to close above this level, which was essential for bullish sentiment. However, a confirmation is needed for XRP to hold the range between $2 and $2.03 as support.

CasiTrades warned that a breakdown from this consolidation could lead to additional declines, but the swift recovery suggested buyer interest. Encouragingly, a bullish divergence still remains on the 1-hour RSI, hinting at possible upward momentum.

If XRP maintains support between $2 and $2.03, there’s potential for a bounce toward $2.25 to $2.70. Conversely, losing this support would bring attention to the next major level at $1.90 and possibly down to $1.54. As of now, XRP is trading around $2.10, down over 4% in the last 24 hours, per CoinMarketCap data.