After surging by 126% in November 2024 on rumors of a meeting between Garlinghouse and Trump, XRP is gearing up for another rally. With Larsen's meeting with the SEC set for May 2nd, investors are hopeful for a bullish trend. Will breaking through a key resistance level be the game-changer?
Following the spectacular surge of XRP in November 2024 due to rumours of a possible meeting between Ripple’s CEO, Brad Garlinghouse, and President-elect Donald Trump, the market is now focusing on a new high-level meeting.
Speculations are circulating that Ripple’s executive chairman and co-founder, Chris Larsen, is set to meet the new SEC Chairman, Paul Atkins, on May 2, 2025. This imminent meeting is attracting investors’ attention, with many hoping for positive news for XRP.
Meanwhile, traders are closely monitoring the price trend of XRP in early May. According to the renowned market analyst Casitrades, XRP is struggling to stay above a significant resistance level at $2.25.
“After failing to sustain above this level, XRP has begun forming bearish sub-waves. We have just witnessed what looks like a sub-wave B, concluded by a back-test of the breakout at $2.25, and I now believe we are heading towards a probable wave C towards $2.00.” she wrote.
She suggests that in the event of another drop in XRP’s price, it could briefly reach $1.90 – a level not tested since its previous breakthrough. This zone also corresponds to key technical support levels that could act as a safety net.
However, in the short term, the Relative Strength Index (RSI) indicates market exhaustion, suggesting any decline may be temporary before a rebound.
Despite these short-term price movements, the overall outlook for XRP remains positive. If XRP can turn the $2.25 level into support, traders are targeting future levels at $2.68, $3.00, and beyond.
In the short term, the Relative Strength Index (RSI) shows market exhaustion, suggesting any decline may be temporary before a rebound.
Despite these short-term price movements, the overall outlook for XRP remains positive in the short term. If XRP can turn the $2.25 level into support, traders are targeting future levels at $2.68, $3.00, and beyond.
The RSI also forms a bearish divergence in the 4H timeframe. If the uptrend line is broken, a cascade of long liquidations is expected to push XRP’s price down to the demand zone between $1.7 and $1.84. The zone mentioned by Casitrades at $1.9 seems weak to support a significant rebound. However, if volumes are high and BTC demonstrates bullish strength, this short-term zone should be monitored.
Subsequently, if XRP loses the $1.7 support, XRP will head towards a new low, likely around $1.34 or $1.09 if BTC drops below $73,000.
For the bullish scenario, only a clear breakout above $2.5 can confirm a new uptrend.
The tightening of the FBB increases the likelihood of a drop to $1.84 for XRP in the coming days or weeks, as it faces strong resistance and a bullish trendline to be overcome.
In the medium and long-term bullish scenario, the daily FBB provides a target of $4.22.
In conclusion, caution is advised for XRP in the short term. And in the medium term, it could reach $4 in the coming months, likely as early as the fourth quarter of this year if the market presents the opportunity.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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