XRP price has been in a downtrend after failing to hold above the $3.32 mark. The price is currently trading just below the $3.00 support area. In spite of the recent pressure, the analysts are still bullish and predict a potential rally up to the $4.50 spectrum.
XRP Price Faces Downtrend: Support at $3.00
According to the analyst, the XRP price has struggled to maintain upward momentum after it failed to hold above $3.32. Consequently, the price has been in a downtrend and is in a consolidation phase around the support region of $3.00.
This level has been crucial to XRP during the volatility in the market. A possible rebound at this point would indicate that the trend is losing momentum.
The support level at $3.00 has been tested repeatedly and still holds firm, but any failure to push higher can result in further drops. In case this happens, the next major support area is at around $2.90. Should the Ripple token rebound, the altcoin may aim at $3.20 resistance.
Close Above $3.30 as a Bullish Trigger
Egrag Crypto, a crypto analyst, provided a key price level to monitor. Egrag claimed that a monthly stick candle above $3.30 will be a sign of the start of a big rally. A long-term close above this could determine the further bullish trend.
If XRP price achieves this close, a significant price movement towards higher levels would be expected. According to Egrag, this breakout would be aimed at major resistance levels. Such a rally would probably be directed towards $4.50, as a result of more optimism in the market.
This monthly close is a bullish sentiment that traders should seek. Interestingly, a break above $3.30 would confirm a measured price move.
XRP Price Primed for $4.50 Following Reaccumulation Phase
In addition, Solberg Invest provided a long-term perspective of XRP price, noting that the coin is now in a reaccumulation phase. This phase often precedes a major price rally, and Solberg expects the XRP price to reach $4.50 as part of this process.
Solberg drew comparisons between this accumulation period and the earlier bull runs in which XRP experienced massive rises. Provided that the pattern continues, the price would increase sharply after the consolidation.
According to Solberg, the XRP price is in the last stages of this movement, and $4.50 can be the target. This reaccumulation phase showed that XRP is consolidating well towards the next long, massive run. When this phase is over, investors can expect substantial upward movement.
XRP Under $3 as Fertile Soil for Wealth Accumulation
However, Coach JV presented a different perspective on XRP’s current price action. He believed XRP price under $3 is a massive blessing to long-term investors. Coach JV cited that most of the traders are in panic when prices move down, and disciplined investors see this as a sideways market.
Coach JV related this phase to the fertile soil, on which wealth would be accumulated through the years. The current price of XRP represents an opportunity to accumulate during the period before the next large rally. He added that accumulation at this point would position investors to enjoy long-term profits.
Also Read: XRP Price Struggles at $3.30 Despite 320M Whale Accumulation
