XRP Could Explode to $2 but This Has to Happen First

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Is XRP headed for a major move toward $2? It might be, but here’s what needs to happen first

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Summarize with AI

XRP’s price has failed to capitalize on a major move higher this week and has retreated to about $1.44, roughly in line with how the rest of the market has behaved during the same period.

According to popular technical analyst CRYPTOWZRD, the altcoin might be poised for another leg up, but there are conditions to be met before that happens.

Ripple Price Analysis: XRP Mirrors BTC

In his last technical analysis on XRP’s price, the analyst outlined that the altcoin closed yesterday’s daily candle indecisively, while its weekly candle on the CME chart closed with a pattern known as a gravestone doji.

Going forward, he said that a move above the $1.55 daily resistance could trigger a quick rally to the pivotal $2 level. However, when it came to intraday trading, he admitted that the price action looked “choppy and slow.”

That said, the analyst believes XRP must hold above the current $1.43 support area, which could offer upside.

The Optimal Outcome for XRP’s Price

In light of the above, there might even be a better trading setup for the altcoin in the future. The trader said that “a short-term bearish move below this support [read: $1.43] followed by a bullish turn would offer a better long opportunity toward the $1.54 resistance or higher.”

He also pointed out that “holding below $1.43 would offer a further decline and short opportunities.”