XRP Price Has Been Moving Quietly

The price of XRP has been moving quietly without any big changes over the past few days. On the daily chart, XRP recently dropped below an important resistance level

The price of XRP has been moving rather calmly with no big changes over the past few days.

After dropping below the crucial resistance at $2.34 on the daily chart, XRP is now encountering support at $2.30. Despite this, it struggled to return above $2.34, which is now acting as resistance.

If the price manages to break through this level and stay above it, the next target will be around $2.44, followed by stronger resistance between $2.55 and $2.62.

At present, the market is still in an uptrend, characterized by higher lows and higher highs. However, to sustain this uptrend, a good bounce is quickly needed.

There is also the possibility of XRP forming an inverse head and shoulders pattern on the daily chart. If this pattern completes and the price breaks through $2.62, it could propel XRP to new highs, perhaps even above $3. Nevertheless, this pattern is not yet confirmed. It still needs to form the right side of the pattern and break through key resistance levels.

The price has been confined to a range between $2.15 and $2.31, with no strong move in either direction. A small five-wave drop occurred from Friday’s high, but it did not escalate into a broader decline.

As long as the market remains below $2.43-$2.44, there will be some downward pressure. If XRP drops further, key support levels to watch are around $2.15 and $1.95. However, this pullback appears to be a healthy correction rather than the beginning of a major downtrend.

Despite this short-term weakness, the overall market structure still favors a bullish outlook. There was a clear five-wave move up from the April low to May 12, and now the market seems to be entering a normal pullback phase. As long as XRP stays above the crucial support at $1.79, the long-term bullish trend will remain intact.