$XRP

XRP Price Analysis: Bull vs Bear, Breakthrough or Retracement?

XRP's recent trend has been quite dramatic! Currently, the price is facing bearish selling pressure at the resistance line, but the bulls are strongly defending the 20-day moving average (2.3 USD). Who will come out on top in the end? Let's break down the situation!

Bullish Strength Increasing:

The price has consistently failed to drop below the 20-day moving average (2.3 USD), indicating a firm attitude from buyers.

If the bulls continue to push and break through the resistance line, the target will be 2.72 USD, and it may even challenge 2.91 USD, although it is expected that bears will set up strong defenses at 2.91 USD.

Bearish Counterattack Window Shrinking:

There isn't much time left for the bear market. If the bears want to turn the situation around, they must quickly push the price back below the 20-day moving average; otherwise, the bulls may continue to maintain control.

Only if the price drops below the support line and closes below it will the bears have a chance to regain some ground.

Support Level:

2.3 USD: This is the current 20-day moving average and the lifeline for the bulls.

Support Line: If 2.3 USD is broken, the support line becomes the last defense point.

Resistance Level:

2.72 USD: The first target after the breakout.

2.91 USD: This could be the bears' final defense position.

Bullish Strategy:

If the price breaks through the resistance line, consider taking a small long position, targeting 2.72 USD and 2.91 USD, with a stop-loss set below 2.28 USD.

Alternatively, wait for the price to stabilize at the 20-day moving average (2.3 USD) before entering, confirming a rebound before taking action.

Bearish Strategy:

If the price drops below the 20-day moving average, consider a small short position, targeting the support line, with a stop-loss placed above 2.35 USD.

A more cautious short opportunity is to wait for the price to break below the support line and close beneath it.

Brothers, the bull-bear showdown for XRP has entered a heated stage! 2.3 USD is the core position for short-term offense and defense; as long as the bulls hold this line, the probability of breaking through the resistance line will soar, targeting 2.72 USD and 2.91 USD. However, the bears are also waiting to counterattack, so keep a close eye on support and resistance, and flexible operations are key to seizing the best opportunities!