As XRP price around $2 continues to capture attention, analysts are divided on whether this represents a prime buying opportunity or signals the end of the current bull market. Currently priced at $2.16, XRP has seen a significant decline of nearly 40% from its recent peak of $3.40 just two months ago. This downturn coincides with a broader market sell-off, largely influenced by President Donald Trump’s trade policies, despite some positive developments, such as the SEC dropping its case against Ripple.
Should You Buy XRP Now or Wait for a Better Price?
Despite this recent drop, XRP price around $2 has surged by 350% since hitting a low of $0.50 in November 2024, indicating a potential consolidation phase following a robust rally. This sideways movement has sparked debate among traders about whether the cryptocurrency is nearing the end of its upward trend or if it presents a valuable buying opportunity.
Is XRP Price Set to Drop Below $2?
XRP has been trading within a range of $1.77 (support) to $3.21 (resistance) since January, facing repeated rejections near the upper boundary and showing signs of weakening bullish momentum. Analyst CrediBULL Crypto points out that XRP price around $2 has seen recent attempts to bounce back falter below the $2.20 mark, suggesting that bearish sentiment is still in control. He anticipates that the price may revisit the lower end of the range at $1.77, which could present a more favorable entry point for long positions.
The chart indicates a green support area that extends down to $1.50, highlighting a zone of high demand where buyers might step in. CrediBULL also notes that a short-term recovery across the market, primarily driven by Bitcoin, currently priced at $83,100, could lead to a temporary uptick in XRP price around $2. However, he emphasizes that a definitive breakout above $3.21 is necessary to confirm a shift toward a bullish trend. Until that occurs, XRP is likely to remain in a sideways pattern, with CrediBULL focusing on the $1.77 support level for potential buying signals.
Potential for a 450% Rally with a Bull Flag Formation
CrediBULL has identified the current price range of $1.77 to $3.21 as a consolidation zone, awaiting a clear breakout to determine the next market direction. Interestingly, this range may be forming a bull flag pattern, according to analyst Stellar Babe. A bull flag typically emerges after a strong upward movement, followed by a period of consolidation within a parallel channel. A breakout above the upper trendline could lead to a price increase equivalent to the height of the preceding uptrend.
According to Stellar Babe, if XRP price around $2 manages to break above the flag’s upper boundary at $3.21, the projected target could be around $12, representing a potential increase of approximately 450% from current levels.
Long-Term Outlook: Aiming for $6.50
Recent analysis from InvestingScoope indicates that XRP price around $2 is currently navigating within a long-term bullish framework. The cryptocurrency is trading within a five-year ascending channel, with its current price action resembling the rally from March 2020 to April 2021, based on price behavior and momentum indicators.
Despite the recent pullback, the overall bullish trend remains intact as long as XRP stays above the 50-week moving average (1W MA50). InvestingScoope highlights that this phase mirrors the conditions seen in March 2021, which preceded a significant breakout. If the current pattern holds, XRP price around $2 could be gearing up for its next upward movement, with a potential target of $6.50 in the coming months.
