Oh great, so now XRP is “showing signs of a bullish recovery.” How do we know? Analysts, of course, are watching these levels like hawks for some upside breakout, like they’ve cracked the code to the universe. XRP had a little dip around April 7th, but now it’s, I guess, slowly “recovering” — but you know, it’s never a straight line, is it?
Current Market Structure (aka, Where We’re At Right Now)
So here’s the deal: on the daily chart, XRP is chilling above some crucial support levels between $2.05 and $2.10. But wait, there’s resistance between $2.35 and $2.36. Yeah, like that’s not a fun little obstacle course, right? If it somehow breaks above $2.35, we might get a wild ride up to $2.44 and maybe, just maybe, $2.60. But who knows? It could also just do its thing and go sideways. Because why not?
Oh, and there’s this W-shaped double bottom pattern going on — it’s so bullish, they’re practically handing out “Upward Trend” stickers. But again, don’t get too excited unless it actually breaks those resistance levels. The market is like that friend who says they’ll meet you for dinner, but then you’re just sitting there staring at an empty table.
Elliott Wave Structure… or Whatever
Okay, here’s the fancy part: Analysts think the whole thing’s been on a WXY correction from January’s highs. Yeah, they think it “bottomed out” around April 7th. And now XRP’s done a five-wave move and then had a nice little three-wave pullback. Classic, right? Like some boring, predictable pattern we’ve all seen before. Anyway, that could mean more upside. Who am I to argue with Elliott waves?
Right now, we’re watching support at $2.22, $2.15, and $2.11. If it drops below $2.11? Eh, get ready for a possible slide down to $1.95. But don’t worry, that’s probably not going to happen, because markets always do what they promise, right?
Rising Funding Rates Could Make Things Interesting (Or Not)
Now for a little twist: The cost to hold onto long positions (called funding rates) is creeping up. Currently, it’s at a whopping 0.01% every 8 hours. But if it hits 0.02% or higher, and the price doesn’t move up, guess what happens? Yup, the price could go down. If XRP drops below $2.25, then we’re talking a possible plunge to $2.01, $1.90, or even $1.55. Yeah, sounds like a real party.
But here’s the silver lining: If this dip happens, it could be the perfect setup for a comeback. Because, let’s face it, every market crash has to have some kind of redemption arc, right?
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2025-06-12 06:08