The price of **XRP** is on the rise, hinting at a potential upward trend after hitting a low point in early April. Analysts are closely monitoring key levels for a possible breakout.
On the daily chart, **XRP** is maintaining support above $2.05-$2.10 while encountering resistance around $2.35-$2.36. A clear breakthrough above $2.35 could pave the way for higher targets at $2.44 and even $2.60 in the near future.
There seems to be a bullish W-shaped double bottom pattern emerging, adding weight to the argument for a positive move if resistance levels are surpassed.
Market analysts have identified a WXY correction since the peak in January, possibly ending on April 7th. Following that low, **XRP** completed a five-wave rise, succeeded by a corrective three-wave decline, indicating a potential bullish trend ahead.
Presently, the price action suggests the formation of a new five-wave upward movement. Key support levels to watch include $2.22, $2.15, and $2.11. A drop below $2.11 would weaken the short-term bullish scenario and shift focus toward significant support near $1.95.
Despite the price holding above the support levels, the funding rates for long positions are on the rise. The current funding rate stands at 0.01% every 8 hours, but a surge to 0.02% or higher without a corresponding price increase could trigger a decline. A potential drop could see **XRP** falling to $2.01, $1.90, or even $1.55 if it falls below $2.25.
However, this decline might set the stage for a strong recovery, possibly leading to a major breakout in the future.
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