$XRP Ripple Price Analysis: XRP Likely to Retrace Toward $2 Before Targeting New ATH
The Weekly Chart
Ripple has shown an impressive surge, climbing over 100% since last week, pushing past the $2 resistance level, and hitting $2.5 for the first time since January 2018. This strong upward movement signals a dominant buying presence in the market.
The price action reflects extreme optimism, but the RSI has surged into overbought territory, suggesting the market is overheated. Such conditions often precede a period of consolidation or corrective retracements, as buyers may need time to digest the gains before pushing the price higher again.
In the mid-term, the key support level to watch is the $2 threshold, which has now turned into crucial support after being reclaimed as resistance during the recent surge. A pullback toward this level would be healthy for the market, offering a chance for buyers to regroup before a potential continuation of the uptrend.