XRP (XRP) price recently dropped 1.71% to $2.20 with a 16.44% decrease in 24-hour trading volume, continuing a consolidation phase that has lasted approximately 190 days within a $2.00 to $2.60 range.
This extended sideways trading has created frustration among bulls and bears alike following XRP's January peak of $3.40. Analysts observe that longer consolidation periods often precede strong breakouts, drawing comparisons to XRP’s historical sixfold rally between November 2024 and January 2025 that followed a multi-year consolidation.
Key resistance currently stands at $2.30, with potential breakout targets at $2.50, $2.65, and $3.00. Technical analysis based on Elliott Wave theory forecasts a possible long-term surge to $25 or even higher levels by some analysts, projecting bullish momentum after Phase 2 correction completes.
Despite recent bearish trends in active addresses and mixed on-chain indicators, spot buying dominance and reduced exchange reserves signal accumulation. However, XRP recently fell below the $2.30 resistance level after rapid price surges above $2.50 triggered sharp reversals and liquidation events, indicating resistance to immediate upward moves.
Market watchers note significant sell-side liquidity near the psychological $2 mark, which may serve as strong support or a bearish trigger if broken. Short-term volatility remains high, and traders are advised to exercise caution, especially around the $2.00 and $1.95 zones that could offer better risk-reward opportunities if downward pressure continues.