XRP draws battle lines between $2.65 and $3.65
As the cryptocurrency market continues trying to humor both bulls and bears, XRP is no exception, and its $3 price mark could send it either way in its macro range – down to $2.65 or up to $3.65 – depending on the perspective and relevant developments.
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As it happens, XRP is fighting to keep its head above the $3 level, and pseudonymous crypto trading analyst Egrag observed that closing below $2.90 in the 4-hour time frame with a full body candle could lead to fulfilling a 5-wave structure and head down to $2.65, per the expert’s analysis on August 18.
Bears vs. bulls
On the other hand, if XRP manages to reclaim the $3 area, then it would encounter its next major milestone at $3.13. Following that mark, closing at $3.20 would give it more fuel for the upward move, and at $3.45, it would be gearing up for a new all-time high (ATH), with $3.65 as the key level to watch.
Indeed, $3 has been the prime decision-making level for weeks, and XRP rocketing past it earlier in August signaled the possibility of its return on track towards the ATH, after which whales’ increased interest gave way to $3.60 as the next price level, potentially eyeing $7, before threatening to crash again.
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At the moment, XRP is changing hands at the price of $3.01, which indicates an increase of 2.20% in the last 24 hours, as it tries to track back the losses accrued across the previous seven days when it declined 3.80% and on its monthly chart where it dropped 14.07%, per the latest data on August 19.
All things considered, XRP is now waiting for input from other participants in the wider crypto industry, as well as any relevant developments that could exert significant influence, like Ripple getting a bank license in the United States and XRP exchange-traded fund (ETF) approval.
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