XRP Consolidates Above $2, Bulls Eye Next Move

XRP, the native cryptocurrency of Ripple, has been consolidating around the $2.4 level after a brief dip below the critical $2 support level. Despite the recent market crash, the long-term outlook for XRP remains bullish, with the cryptocurrency gathering momentum for its next move.

The current consolidation phase indicates a lack of interest from traders, as XRP has been trading within a tight range over the past few days. However, a fall from this phase could bring the price back to the recent low of $1.9, with a potential deeper correction if the support level fails to hold. The daily volume indicator also suggests a possible extension in the bearish move, as capital inflow has been low.

If XRP bulls manage to push the price back above the $2.3 level, we may see a strong bounce back, forming a double-bottom pattern. This pattern could set the stage for a new major run, with potential resistance levels at $2.66, $3, and $3.4. However, the bulls appear weak at the moment, as they have yet to show signs of interest.

In the event of a breakdown from the consolidation phase, XRP may reclaim the $2.2 and $2 levels, as well as the last week's $1.9 low. A further breakdown could dip the price to $1.63 and $1.28. Key support levels to watch include $2.2, $1.9, and $1.63.

As of now, XRP's spot price is $2.42, with a bullish trend and low volatility. Traders and investors should continue to monitor the market closely and make informed decisions based on their own research and analysis.