XRP News Today: XRP Drops 1.93% in 24 Hours, Analysts Eye Key Support at $1.90

XRP, the cryptocurrency associated with Ripple, has been experiencing significant price fluctuations, with analysts and commentators closely monitoring its movements. The price of XRP has been struggling to find firm ground as it continues to trade in a bearish trend. Over the past week, the price dropped below a crucial support zone between $2.50 and $2.10, triggering a sharp fall toward the $1.95 to $1.92 range. As predicted earlier, XRP did find temporary support around $1.92, bouncing slightly from that level. However, if the price breaks below $1.90 on a daily closing basis, it could trigger a further decline towards $1.80 to $1.79, which is considered the next key support zone.

For now, resistance for XRP stands between $2.16 and $2.60. A decisive breakout above $2.16 would be the first sign that the downtrend might be easing. Until then, the overall market structure remains bearish on the daily chart, with small bounces likely but no confirmed trend reversal yet. If XRP falls below $1.79, it could enter a risky zone where lower levels like $1.56 and even $1.21 might come into play. On the other hand, a break above resistance with a strong five-wave pattern could hint at a bullish recovery starting earlier than expected.

Analyst Casi Trades has warned that XRP is once again approaching a key support level at $1.90. Casi explained that this kind of “bounce-then-final-dip” move is common before a proper bottom forms. While nothing is confirmed yet, XRP remains in a wider trading range between $2.13 and $1.55. “This week is already full of tension in world events and in the charts. Eyes on this next test. If the reaction is strong, this may be the last low we get before wave 3 ignites,” the analyst said.

The recent price crash of XRP was not an isolated event but rather a predicted occurrence. Analysts have been setting their sights on a powerful bounce back to $3.00, indicating a potential reversal in the current downward trend. This prediction is based on the belief that XRP will not fall below the $1 mark despite growing bearish pressure. The community commentator Xena has insisted that the XRP price will not go back below the $1 mark, adding to the bullish sentiment surrounding the cryptocurrency.

Amid the fragile macro environment, analyst Egrag Crypto believes that XRP is still poised for an explosive upward move. He predicts that if a key technical breakout unfolds in July, XRP could catapult as high as $27. Egrag's analysis is based on XRP's current market structure, which he frames as part of a larger bullish formation. He notes that the token remains above the critical threshold of the Gaussian Channel on the weekly timeframe, with the channel’s upper limit pegged at $1.75. Falling below this level could risk ending the current bullish cycle.

Egrag also points to the 21-week Exponential Moving Average (EMA) as a key line in the sand. A full-bodied close above it, particularly above the $2.33 resistance, would strongly confirm renewed bullish momentum. He adds that a decisive breakout above $2.65 would mark a significant moment for XRP's long-term trajectory. Egrag's broader thesis is based on XRP's breakout from a symmetrical triangle pattern, similar to the one that preceded its historic rally in 2017. That previous breakout saw XRP climb from $0.23 to $3.84, a 1,560% move. By comparison, the recent breakout in November 2024 has so far yielded a modest 485% gain, suggesting that the full potential of the pattern is yet to play out.

If XRP maintains key support levels through June and confirms the bullish breakout in July, it could trigger what Egrag calls the "Valhalla rally," a meteoric rise to $27. This target is tied to Fibonacci extensions, wave theory, and long-term structural analysis. Adding to the bullish sentiment, fellow analyst Dark Defender echoed Egrag's confidence. He noted that the $1.88 support held firm during the recent dip and that XRP still maintains its Monthly Wave 5 structure, part of a broader Elliott Wave count forecasting a push toward a new high. Dark Defender also cited a bounce at $2.07 as confirmation of market resilience and reiterated that a surge above $3.50 remains likely if Wave 5 unfolds as expected.

However, there are also bearish predictions. XRP price risks a possible 41% plunge to $1.18 if a descending triangle pattern is confirmed on the charts. This adds to the uncertainty surrounding XRP's future price movements. Despite these predictions, the overall sentiment remains bullish, with many analysts and commentators expecting a significant price increase in the near future. The current price of XRP reflects a 1.93% drop in the past 24 hours, trading at $2.01. This volatility underscores the need for cautious optimism as the cryptocurrency market continues to evolve.