- XRP needs to hold above $2.00 to confirm its bullish momentum.
- Election VWAP will determine if XRP can break key resistance levels.
- Analysts predict further gains if XRP stays above critical price levels.
XRP’s recent surge in price hit an expected area ($2.20) for the weekend’s mark, which is a serious milestone for its price movements. However, there was a slight rejection after the token rose 25%. The traders and analysis prefer looking at the next levels for guidance using the election volume weighted average price (VWAP) indicator. This indicator is considered technical and a pivotal one insinuating whether XRP is to remain upward or reverse.
XRP’s Recent Price Action and Resistance
XRP rallied within the last few weeks, intervening in the price region of $2.20, which was laid out as the expected level for this weekend. After that, on the first refusal attempt, rejection manifested from the reluctant market conditions and resistance at key levels after 25%. Up to where the price tested new highs, traders are keeping an eye on the election VWAP, interpreted as a meaningful indicator of the future behavior of the price.
According to crypto analysts, albeit in his price behavior, XRP is at a crossroads; what follows would depend largely on whether XRP maintains support above $2.00. If the token can firmly hold this point, further gains could be possible. In contrast, if the support were to fail, a correction may lie ahead for XRP.
Election VWAP as a Vital Indicator for XRP’s Future
The election VWAP (blue line) has become pivotal for traders analyzing XRP’s future movement. Analysts believe a sustained rally is possible if XRP remains above the election VWAP. At present, XRP is testing this level, above $2.00. Holding this level becomes crucial for bullishness; any failure to hold above this level would mean a decline on the charts.
The 3H VWAP (orange line) confirms selling for the views of XRP. The price is currently close to this line, and if it breaks above, we should watch for a change. If support holds, analysts hope XRP will be retesting those levels toward $2.40 or $2.50 higher.
Possible Price Targets and Next Steps for XRP
The $2.20 level remains the most critical area for XRP’s short-term price action. If XRP were to break above the $2.20 mark, it would likely then try to rally to $2.40 and $2.50 in the following weeks. However, that remains contingent on the successful flipping of some major resistance levels. The traders are encouraged to look out for the next move for the token in these zones. If the resistance fails, then a move downward would be much more likely.
Of course, wider market issues also affect XRP’s price behavior. Its future price would be subject to influences somewhat far removed from the standard technical analysis, including global economic factors and the current regulatory environment regarding cryptocurrency. Nevertheless, if XRP were to hold above the election VWAP and other critical levels, analysts are robust in their belief that a turn for the bullish may follow.
