What to Know:
- XRP experienced a 4.53% price decrease, mirroring a broader downturn among the top 10 cryptocurrencies.
- Short-term technical analysis suggests a potential further correction towards $2.35 if immediate support isn’t maintained.
- Midterm perspectives indicate a possible decline to the $2.20 area if the price closes below $2.40, following a false breakout.
XRP’s price has been under pressure, reflecting a wider trend of corrections in the cryptocurrency market. Recent technical analysis provides insights into potential support and resistance levels for XRP. Investors are closely watching these levels to gauge future price movements amid ongoing market volatility.
The hourly chart shows XRP attempting to bounce back from a local support level, but failure to sustain this could lead to further declines. Monitoring this immediate support is crucial for short-term traders assessing potential entry or exit points. A break below this level might signal increased selling pressure.
On a longer time frame, XRP’s price is approaching a critical support level around $2.3547. A breakout below this level could trigger a more substantial drop, potentially reaching the $2.20-$2.30 range. This scenario highlights the importance of this support zone for maintaining XRP’s price stability.
From a midterm perspective, XRP’s inability to sustain gains after a false breakout suggests continued downward pressure. The key level to watch is the weekly candle closure; a close below $2.40 could pave the way for a test of the $2.20 area. This longer-term view is essential for investors evaluating XRP’s potential trajectory.
As XRP navigates these technical levels, market participants should remain vigilant, considering both short-term fluctuations and broader trends. The interplay between support and resistance will likely dictate XRP’s price action in the coming days and weeks. Keeping an eye on Bitcoin’s movements and regulatory news can provide additional context.
Source: Original article
