Crypto analyst ElmoX has asserted that the XRP price is still bullish despite the recent crypto market crash. His analysis revealed that XRP is set to face major resistance at $2.9, although he is confident that the crypto will eventually break this resistance and rally to as high as $20. 

XRP Price Faces Resistance At $2.9 But Could Still Rally To $20

In a TradingView post, ElmoX outlined two scenarios for the XRP price as it eyes a rally to $20, although he noted that the crypto will retest the major resistance at around $2.92 either way, on its way to a new all-time high (ATH).  For the first scenario, the analyst stated that XRP would break this resistance and then skyrocket to $20. 

Related Reading

Meanwhile, in the second scenario, ElmoX stated that the XRP price could face another rejection, sending it below the $1.5 level before it witnesses a bullish reversal and rallies to a new ATH. The analyst revealed that he is betting on this second scenario since there is usually a swift crash before an impulsive move to the upside. 

ElmoX remarked that the XRP price has barely corrected, which is also why he believes there could still be a massive crash before a rally to a new ATH. Meanwhile, the analyst didn’t provide an exact timing for the potential price correction and subsequent rally to a new ATH and the $20 price target. 

Instead, he simply told market participants to be patient. He further warned that the XRP price might sit in price discovery until at least mid-July. His accompanying chart showed that XRP will first drop to as low as $1.20 before it witnesses an impulsive move to as high as $20. 

The Altcoin Records A Bullish Close

In an X post, crypto analyst CasiTrades noted that although the XRP price briefly broke below the $2 trendline, the candle closed back above this trendline, reclaiming the consolidation range. She remarked that this is exactly what bulls needed to see. However, the analyst added that a confirmation is needed with XRP holding the range between $2 and $2.03 as support. 

Related Reading

CasiTrades stated that a breakdown from consolidation usually leads to further downsides, but the XRP price managed to recover the level quickly, showing that buyers are stepping in. She also noted that the bullish divergence is still holding up to the 1-hour RSI even after the dip with selling pressure weakening, which suggests a shift in momentum is possible. 

If the XRP price holds the support between $2 and $2.03, CasiTrades predicts that the crypto could bounce and rally toward $2.25 and $2.70. On the other hand, if XRP loses this level, she stated that the next major support sits at $1.90 which is the 0.5 Fibonacci retracement level. Meanwhile, there is also the possibility that XRP could drop to the 0.618 Fib retracement level at $1.54. 

At the time of writing, the XRP price is trading at around $2.10, down over 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com

Cardano (ADA) has faced a lack of growth in recent weeks despite initially grabbing investors’ attention during a brief rally. 

While ADA’s price action showed some promise, the momentum quickly faded, and now, despite entering an opportunity zone, ADA holders remain skeptical, and investor participation has dropped significantly.

Cardano Investors Need To Step Up

The Market Value to Realized Value (MVRV) Ratio for Cardano shows that ADA holders who purchased within the last month are currently facing 12% losses. This decline has brought ADA into the opportunity zone, which lies between -8% and -22%. Historically, this zone has been a reversal point for ADA, presenting a potential for recovery if investors decide to accumulate at low prices.

However, despite being in the opportunity zone, there is little indication that ADA holders are acting on this opportunity. The skepticism among investors, driven by the altcoin’s failure to sustain recent rallies, has made it difficult for ADA to capitalize on this potential recovery window. 

The overall macro momentum for Cardano has also been affected by diminishing participation. Active addresses on the network are currently below the average threshold of 38,600, with the count sitting at 33,700. This decrease in active addresses indicates a decline in investor participation and confidence. 

During ADA’s brief rally at the beginning of the month, the number of active addresses surged, but the failure to sustain that momentum has caused skepticism to take over. With investor participation dwindling, ADA’s price could face further challenges if interest in the asset continues to wane.

ADA Price Is Facing Recovery Challenge

Cardano’s price is currently at $0.72 after falling 31% in the last few days. This decline followed ADA’s failure to breach the $0.99 level and flip it into support. The inability to reclaim this critical resistance level has led to further losses, and ADA is now struggling to recover.

As ADA moves farther away from the $1.00 price point, it continues to face challenges in terms of both investor confidence and broader market conditions. At this point, ADA is likely to experience consolidation above the $0.70 level, though a further drop to $0.62 remains a possibility, especially if investor sentiment remains weak.

However, if ADA manages to flip $0.77 into support, it could signal the beginning of a recovery. Successfully holding above this level could push the price back toward $0.85 or higher, invalidating the current bearish outlook. This would require renewed investor interest and a favorable shift in market conditions to support ADA’s upward movement.

Despite market downturns, figures like Ripple CTO David Schwartz and Robert Kiyosaki advise the community to buy Bitcoin. The market is historically cyclical, and BTC has always recovered in the long term.

There are a few more concrete factors in play, like the increasing M2 money supply providing fresh liquidity. Michael Saylor plans to spend $21 billion on Bitcoin, and he isn’t alone in bullish sentiment.

Should Bitcoin Supporters Buy the Dip?

Bitcoin’s price isn’t doing well right now, and the crypto community is scrambling. Several bearish signs have been looming, and President Trump’s long-awaited Crypto Summit didn’t do much to alleviate fears.

This week, the market opened with a huge correction, but some commentators like Ripple CTO David Schwartz think it’s a great time to buy Bitcoin.

“Looks like a buying opportunity to me. There are two kinds of Bitcoiners in the world, those that care about the answer to that question [why would I buy Bitcoin] and those who don’t. I’m 100% okay with both kinds,” Schwartz claimed on social media.

In fairness, Schwartz isn’t alone in saying people should buy Bitcoin right now. Michael Saylor, who directed his company to be one of the largest BTC holders, announced yesterday that Strategy would raise $21 billion in stock sales.

These sales would fund further BTC acquisitions. Why are these figures predicting a short-term crash?

This morning, a few new bearish indicators have opened up. Miners are selling off their holdings, and Trump’s comments about a potential recession have caused further market distress.

On the surface, it seems like there’s nothing but trouble on the horizon.

However, there are a few factors that make this potentially a good moment to play the long game. Arthur Hayes has been predicting a short crash that will rebound to a new all-time high before 2026.

Additionally, the M2 money supply has been recovering, which will enable additional liquidity to buy Bitcoin. Even if a crash happens, it may be temporary:

“The everything bubble is bursting. I am afraid this crash may be the biggest in history. It is normal to be disturbed and fearful. Just do not panic. In 2008, I waited, letting the panic and dust settle and then started to look for great real assets on sale at deep discounts. This crash the world is going through, just might be the opportunity of your life time,” claimed Robert Kiyosaki.

Author and investor Kiyosaki has also been predicting a market dip for many weeks, saying that it will be a momentary setback. Bitcoin will recover, and this will be a great time to buy it at a discount.

Ultimately, no one knows exactly where the market is going. Based on its long history, however, Bitcoin always bounces back. It’s well known that crypto has been through far, far worse.