XRP has been stuck under a crucial resistance level for over a month, leaving investors disappointed as the altcoin struggles to gain upward momentum. This prolonged consolidation has taken a toll on traders’ confidence, leading to reduced participation and withdrawals from the market.
In the past 24 hours, Open Interest in XRP Futures plummeted by $1 billion, after previously reaching $2.9 billion on hopes of a rally. The sudden decline reflects bearish sentiment and growing uncertainty about XRP’s ability to break through its resistance at $2.73.
Adding to investor concerns, XRP’s macro momentum shows signs of weakness. The Price DAA Divergence has signaled a bearish trend, with reduced investor participation and stagnant price movements. This could lead to profit-taking and further price declines, potentially pushing XRP below its $2.00 support level.
Despite the bearish outlook, some analysts remain optimistic. Analyst Dark Defender identified a bull flag pattern on XRP’s weekly chart, projecting a target of $8.67 after the current correction phase concludes. He highlighted key support levels between $2.03 and $2.17 and resistance levels up to $2.69.
Meanwhile, crypto analyst Egrag has predicted a bullish future for XRP, forecasting a price of $15 by May 5, 2025. Another veteran trader Peter Brandt also sees a 100x rally in the near future. He shared a chart showing a bullish wedge pattern on a weekly chart.
For now, XRP’s trajectory depends on market sentiment and broader crypto trends. A bullish shift could help XRP breach its $2.73 resistance and aim for its all-time high of $3.31. Until then, the altcoin faces pressure to maintain its $2.00 support level.
