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Highlights
- XRP price has crashed 22% since May 14 but is up 2.35% today, trading around $2.13.
- XRP appears to be in a favorable position for a recovery bounce, but the short-term outlook remains uncertain.
- A potential retest or sweep of the $2 psychological level could be a good opportunity for opening long positions.
After a 22% crash since its May 13 swing high of $2.62, XRP price trades around $2.13. Despite the recent drop, as of June 6, the token is up 2.35% today. But can this recovery rally sustain? Will XRP price hold the $2 psychological level or lose it?
Based on the 12-hour XRP price chart, the token appears to be in a favorable position for a recovery bounce. However, the short-term outlook remains uncertain due to Bitcoin’s position and fast-paced changes in policies from President Trump.
XRP Price Analysis: Will $2 Hold?
Since December 3, 2024, XRP has been stuck in a tight range, building value. Typically, when this happens, volatility drops until the price breaks out violently. In XRP’s case, 70% of the volume over the past 185 days was traded between $2.06 and $2.58. The rejection at the $2.58 led to a retest of the $2.06.
A show of strength in the Asian session has allowed Bitcoin to recover a portion of its losses from last night. As a result, XRP price has also triggered a 2.35% bounce from yesterday’s lowest point of $2.05. If BTC continues to climb higher, there is a good chance that Ripple’s token will follow suit.
However, investors must prepare for the possibility of a potential retest or sweep of the $2 psychological level. If such an outlook develops, it would be good for opening long positions, especially if accompanied by large liquidation spikes. This move could also knock the Relative Strength Index (RSI) into the oversold level and potentially develop a bullish divergence in the near future. This signal could also be spotted for the Awesome Oscillator (AO) index as well. Moreover, the Bollinger Bands Width indicator is showing a steady decline, reflecting that the ongoing consolidation is tightening and could be primed for an explosive breakout.
Investors should note that a breakdown of the $2 psychological level would be unlikely, considering the current crypto market outlook.
While technical indicators suggest that the breakdown of the $2 psychological level is unlikely, investors must still prepare for this scenario. In case Bitcoin gets hammered, pushing it below the $100K level, it could cause altcoins, including XRP price, to drop lower. In such a case, the $2 level could come undone, catalyzing a correction to the $1.87 and $1,56 support levels. A previous CoinGape forecast notes a bearish scenario with a potential 19% XRP crash to $1.71.
For June 2025 XRP price prediction: Read This
Frequently Asked Questions (FAQs)
1. Can XRP hold the $2 psychological level?
2. What could trigger a correction in XRP price?
3. What are the potential support levels for XRP?
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