XRP Nails Make-or-Break Moment as Traders Brace for Wild Swings

XRP bulls and bears lock horns at a pivotal technical crossroads—price either rockets or crashes from here.

Volatility alert: The crypto’s flirting with a do-or-die support level that’s triggered 40%+ moves historically. No pressure.

Meanwhile, Wall Street ’experts’ still can’t decide if it’s a security or a currency. Place your bets—the SEC certainly has.

The $2.69 Resistance and Its Impact

Cryptocurrency analyst CasiTrades highlights that XRP recently rebounded from $1.90 to regain the critical level of $2.25. Yet, its inability to establish a new high indicates that the upward trend remains unconfirmed. The analyst emphasizes that the $2.69 mark is pivotal, suggesting that breaking this level could result in gained momentum for XRP.

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Despite climbing to $2.65 on May 12, XRP encountered sharp sell-offs. A similar scenario unfolded on May 14, leading to an 8.85% price drop within three days. This pattern suggests that the market is not yet primed for an upward breakout. Failing to breach this resistance could incite panic among investors, potentially driving the price down to $1.50.

XRP Consolidation: Rising or Falling?

Experts indicate that XRP is currently in the fourth wave of consolidation according to Elliott Wave Theory. This stage is characterized by lateral movements, reflecting a market searching for direction. Low volatility and a narrow price range are often precursors to significant moves. Maintaining a price above $2.375 could strengthen expectations of a rise.

Conversely, should the price remain below $2.375, there is a possibility of testing the $2.25 level again. Breaking this point might lead to lost hope among investors and increased selling pressure. Although XRP currently appears stable at $2.39, this equilibrium might not be sustainable for long.