XRP is currently trading near a key support level of $2.17, a zone that historically preceded significant rallies. Analysts are closely monitoring XRP’s price action within a defined range, awaiting a breakout above $3.31 or a breakdown below $1.99 to signal the next major move.
What to Know:
- XRP is currently trading near a key support level of $2.17, a zone that historically preceded significant rallies.
- Analysts are closely monitoring XRP’s price action within a defined range, awaiting a breakout above $3.31 or a breakdown below $1.99 to signal the next major move.
- Despite recent price pullbacks, on-chain data reveals substantial new XRP wallet growth, suggesting continued interest and potential accumulation.
Ripple’s XRP is currently navigating around $2.17, testing a critical support level that has historically acted as a springboard for upward movement. This zone is under close observation by analysts, who are keen to see if it can once again serve as a foundation for a substantial rally. The potential for both upside and downside scenarios makes this a pivotal moment for XRP traders and investors.
Analysts have identified a familiar pattern with XRP revisiting the mid-regression band of the Growth Curve, a level that supported the breakout in July 2024. This level, between $2.00 and $2.20, is being watched for signs of buyer accumulation, with long wicks on recent candles hinting at potential support. Stability in this range is crucial for establishing a solid base.
“Unless the structure is broken,” they said, “this silence will trigger a new leg.”
Short-term charts present a mixed outlook, with resistance at $2.75 and support at $2.00, indicating a need for a mature chart formation before decisive action. A break above the daily high could lead to $3.65, while a drop below $2.30 may trigger short positions, reflecting the current uncertainty in the market. Traders are advised to remain vigilant and await clearer signals.
Despite recent price corrections, on-chain metrics indicate a surge in new XRP wallets, with over 21,595 created in just two days, marking an eight-month high. This wallet growth suggests continued interest and potential accumulation, contrasting with reports of large holders moving coins to exchanges. This divergence in on-chain activity adds complexity to the current market outlook.
In conclusion, XRP’s current position near a key support zone presents both risks and opportunities for investors. Monitoring the price action within the defined range and keeping an eye on on-chain activity will be crucial for making informed decisions.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
XRP is currently trading near a key support level of $2.17, a zone that historically preceded significant rallies. Analysts are closely monitoring XRP’s price action within a defined range, awaiting a breakout above $3.31 or a breakdown below $1.99 to signal the next major move.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
