Crypto Express
06/12 03:11
XRP Price Prediction For June 12
The price of XRP is showing signs of a bullish recovery, with analysts watching levels for an upside breakout. After forming a low around April 7th, XRP has been gradually working through a corrective phase, and recent price action hints a rebound may be in play.
Current Market Structure
On the daily time frame, XRP is holding firm above critical support between $2.05 and $2.10. At the same time, it’s facing resistance between $2.35 and $2.36. A decisive breakout above $2.35 would open the door to higher targets at $2.44 and potentially $2.60 in the short term.
A bullish W-shaped double bottom pattern appears to be forming, further supporting the case for an upward move if resistance levels are cleared.
Elliott Wave Structure Suggests Rebound Potential
Analysts identified a WXY correction from the January highs that likely bottomed out on April 7th. From that low, XRP completed a five-wave advance, followed by a corrective three-wave pullback, a classic pattern signaling a potential larger bullish structure ahead.
Now, price action suggests the possibility of a new five-wave move up developing. Support is currently tracked at $2.22, $2.15, and $2.11. A drop below $2.11 would weaken the short-term bullish case and shift focus toward the next major support near $1.95.
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