XRP Price Analysis: Key Levels To Watch As Market Awaits Breakout Confirmation

The XRP market experienced a rather turbulent trading week resulting in a net loss of 7.22%. While the altcoin has shown some stability over the past day

Cryptocurrency XRP had a difficult trading week, with a net loss of 7.22%. Despite some stability in the past day, there is no indication of price recovery.

In a recent X post on February 22, More Crypto Online shared an intriguing XRP price analysis. The analysis highlights important price levels and the conditions necessary for bullish or bearish developments in the XRP market.

According to these analysts, XRP is currently trading within a neutral consolidation range, indicating that neither bulls nor bears have established clear market control.

However, the analysis notes that XRP is holding well above the critical price of $2.47, which allows for a bullish “orange” scenario to remain viable.

Crucially, XRP enthusiasts must watch out for any decisive price falls below this support level, as it could activate a yellow bearish scenario.

In this case, XRP could slide into a downtrend, with potential support levels identified at $2.34, $2.22, $2.11, and $1.95.

On the other hand, aside from staying above $2.47, More Crypto Online states that market bulls must also push for a price surge above the $2.75 resistance zone to confirm any bullish breakout.

Following this breakout, XRP could encounter further resistance at $2.87, setting the stage for a potential surge to above $3.30.

Interestingly, fellow analyst Egrag Crypto presents a higher validation point for the XRP bullish case, stating that a monthly close above $3.00 is needed to show sufficient buying pressure for a sustained uptrend.

As reported by NewsBTC, this development would pave the way for a new all-time high of around $6.00.

At press time, XRP trades at $2.56, reflecting a 0.84% decrease in the past day. Meanwhile, the altcoin’s monthly losses have now increased to 16.18%.

Having failed to struggle to regain its bullish form from November 2024, XRP’s inability to rally is attributed to several factors, including widespread market uncertainty.

However, data from CoinMarketCap reflects that the altcoin community remains largely bullish with expectations of long-term profitability.

This optimism can be attributed to factors such as the growing potential of XRP Spot ETF amidst strong investor confidence in the new US administration’s pro-crypto approach.

Interestingly, this policy change has shown significant rewards as the US Securities and Exchange Commission (SEC) abruptly withdrew its lawsuit against Coinbase Exchange.

If a similar development occurs in the Commission’s case against Ripple, it could translate into a major bullish driver for the XRP market.