XRP has seen a notable price pullback after being turned away at the $1.55 level. Throughout May, the altcoin’s price has been unstable, with every gain followed by a sharp drop, though it has still managed to form an upward trendline. XRP is now in a similar situation, having dropped more than 7% over the past three days. Notably, the market analysis page MCO Global has shared some insights on this, discussing whether XRP can hold its trendline or faces the risk of a bigger decline.
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XRP Recovery Hinges On Pivotal $1.40 Support
In a post on X on May 15, analysts from MCO Global highlighted the key short-term price levels in the current XRP market. Given the volatile moves over the past two weeks, experts agree that traders are uncertain about where prices are headed.
Still, amid this choppy action, XRP has held an important support zone around $1.40. Using Elliott Wave theory, the recent test of this level fits with wave B, where the market sees a temporary bounce before the final leg of the correction in wave C. So, as long as the price stays above $1.40, MCO Global analysts see a strong chance of another rally toward $1.55-$1.58. In a more optimistic scenario, they expect XRP could break above this resistance and push on to $1.67, which would be a potential 16.7% gain from current levels.
On the flip side, a drop below $1.40 would likely lead to an immediate fall to $1.37. If that level doesn’t hold, XRP traders could see a decline to another key support at $1.30, which lines up with the lower trendline of a forming symmetrical triangle.
Related Reading: Why The $65,000 Region Is Important As Bitcoin Gears Up To Face Massive Resistance At These Levels
XRP Market Overview
At the time of writing, XRP is trading at $1.43, down 3.68% in the last 24 hours. Daily trading volume has also dropped 42.36% to $2.38 billion. However, the altcoin is still up 0.98% on its monthly chart, suggesting some recent buyers remain in profit.
According to MCO Global analysts, the current XRP market structure is “highly corrective and unstable.” With this uncertainty, holding above the $1.40 support level is key to keeping any bullish momentum alive. With a market cap of $88 billion, XRP remains the fifth-largest cryptocurrency.
Featured image from Pexels, chart from TradingView
Frequently Asked Questions
Here is a list of FAQs about XRP potentially reaching 155 based on the key support level mentioned
BeginnerLevel Questions
1 What does it mean that XRP could go back to 155
It means some analysts believe the price has a realistic chance of rising from its current level to 155 if certain conditions are met Its not a guarantee just a possible outcome
2 What is a key support level
A support level is a price where buyers tend to step in and stop the price from falling further Its like a floor If the price stays above that floor its a good sign If it breaks through it could drop more
3 Why is 155 the target
155 is a previous high or resistance level from past trading If XRP can get back there it would mean a significant recovery from lower prices often seen as a major milestone
4 Does this mean XRP will definitely hit 155
No Price predictions are never certain The statement says it could happen if a specific support level holds Many things could change the market
5 How do I know if the support level is holding
You can check a price chart Look for the specific price number mentioned as support If the price bounces off that level multiple times without falling below its holding
Intermediate Advanced Questions
6 What is the exact support level I should watch for
The specific level varies by analyst but common ones for XRP recently have been around 050 to 055 or 065 to 070 You need to check the latest analysis for the current number The key is that the price must not close a daily candle below that level
7 What happens if XRP breaks below that support level
If it breaks and stays below the bullish case for 155 is likely invalidated The next support level could be much lower and the price could enter a downtrend The support level is the make or break point