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Crypto analyst ElmoX has asserted that the $XRP price is still bullish despite the recent crypto market crash. His analysis revealed that $XRP is set to face major resistance at $2.9, although he is confident that the crypto will eventually break this resistance and rally to as high as $20.
$XRP Price Faces Resistance At $2.9 But Could Still Rally To $20
In a TradingView post, ElmoX outlined two scenarios for the $XRP price as it eyes a rally to $20, although he noted that the crypto will retest the major resistance at around $2.92 either way, on its way to a new all-time high ($ATH). For the first scenario, the analyst stated that $XRP would break this resistance and then skyrocket to $20.
Meanwhile, in the second scenario, ElmoX stated that the $XRP price could face another rejection, sending it below the $1.5 level before it witnesses a bullish reversal and rallies to a new $ATH. The analyst revealed that he is betting on this second scenario since there is usually a swift crash before an impulsive move to the upside.
ElmoX remarked that the $XRP price has barely corrected, which is also why he believes there could still be a massive crash before a rally to a new $ATH. Meanwhile, the analyst didn’t provide an exact timing for the potential price correction and subsequent rally to a new $ATH and the $20 price target.
Instead, he simply told market participants to be patient. He further warned that the $XRP price might sit in price discovery until at least mid-July. His accompanying chart showed that $XRP will first drop to as low as $1.20 before it witnesses an impulsive move to as high as $20.
The Altcoin Records A Bullish Close
In an X post, crypto analyst CasiTrades noted that although the $XRP price briefly broke below the $2 trendline, the candle closed back above this trendline, reclaiming the consolidation range. She remarked that this is exactly what bulls needed to see. However, the analyst added that a confirmation is needed with $XRP holding the range between $2 and $2.03 as support.
CasiTrades stated that a breakdown from consolidation usually leads to further downsides, but the $XRP price managed to recover the level quickly, showing that buyers are stepping in. She also noted that the bullish divergence is still holding up to the 1-hour RSI even after the dip with selling pressure weakening, which suggests a shift in momentum is possible.
If the $XRP price holds the support between $2 and $2.03, CasiTrades predicts that the crypto could bounce and rally toward $2.25 and $2.70. On the other hand, if $XRP loses this level, she stated that the next major support sits at $1.90 which is the 0.5 Fibonacci retracement level. Meanwhile, there is also the possibility that $XRP could drop to the 0.618 Fib retracement level at $1.54.
At the time of writing, the $XRP price is trading at around $2.10, down over 4% in the last 24 hours, according to data from CoinMarketCap.