XRP Update: Ripple Holds $2 Support Amid Bullish Outlook

XRP has firmly held the spotlight recently, with its price action capturing the attention of the cryptocurrency market. The digital asset successfully defended the crucial $2 support level, sparking renewed discussions about its next potential move. This development, confirmed by a notable retest over the weekend, has prompted crypto expert EGRAG Crypto to weigh in on what may be ahead for Ripple’s native token.

Over the weekend, XRP momentarily broke beneath the $2 threshold, falling to an intraday low of $1.90. This drop marked the first time since April 11 that XRP dipped below $2, which aligned with a broader market downturn influenced by increasing geopolitical tensions in the Middle East.

The decline didn’t catch everyone off guard. Prominent analyst EGRAG Crypto had previously highlighted a potential retest in a June 13 analysis. Using his chart-based strategy, he noted that a drop into a “white box” demand zone was possible. According to him, the $2.20 level had served as an essential support, and failure to close above it could signal further declines towards $2.08 and potentially even $1.90 — both of which materialized this week.

Despite the dip, EGRAG remains optimistic. He affirmed that XRP’s touchpoint at the predicted white box demonstrates the asset’s strength and resilience, suggesting that the macro support has been validated. He emphasized that the recent price action is less a red flag and more a bullish confirmation, establishing a reliable foundation for the token’s upward trajectory.

To guide traders anticipating the next move, the analyst presented two distinct scenarios. One is bearish, involving further price declines if key support levels aren’t reclaimed. The other outlines a bullish path that could trigger a strong recovery. EGRAG’s key level to monitor is the $2.08 macro support. Failure to regain this level could result in XRP sliding further, potentially retesting $1.90 and even $1.77. Additionally, if bearish momentum accelerates, XRP might touch $1.47 — a critical support that could define the near-term trend.

Still, there’s a potentially encouraging outcome. Should XRP close above $2.08 on the 12-hour chart and confirm this trend on higher timeframes, a bullish shift could unfold. According to EGRAG, such a move would confirm that buyers are stepping in to defend critical levels, likely initiating a bounce towards previous highs.

The analyst outlined the next breakout levels critical for an upward move. First, XRP needs to recapture the $2.30 to $2.33 range, corresponding to the top trendline of a descending triangle pattern. A move through this zone would indicate a strengthening bullish structure. From there, XRP would target the $2.65 mark, described as the “macro signaling level.” A close above it, EGRAG argues, would unlock the path toward an extended rally.

In previous analyses, he had offered bold forecasts, arguing that if XRP gained real bullish traction, it might skyrocket to prices between $13 and $27, citing broader macroeconomic and market sentiment drivers. These targets, while ambitious, rest heavily on successful breakouts and sustained bullish volume.

Related: Expert Advice: Sell XRP If You’re Confused

As it stands, XRP is trading at $2.00, reflecting a 2.37% decrease over the past day. However, with technical confirmations and investor optimism mounting, the coming weeks could be pivotal for Ripple and its hopes of a full-fledged bullish revival.