XRP’s price action has been a topic of interest, especially with its current bearish trends across multiple timeframes. XRP has gained more than 6% in the last 24 hours and is trading at $1.90 at the time of writing.
According to experts, XRP is trapped within a descending parallel channel, hinting at a short-term bearish trend. The critical support here is around $1.75, with resistance at approximately $2.66. Additionally, the centerline of this channel, acting as a short-term resistance, sits near $2.15.
Recently, XRP broke below the short-term support range of $1.95 to $2.05. As of now, it’s retesting this area, which could potentially act as new resistance. A confirmed breakout above $2.05 could lead to resistance at $2.15, with further hurdles around $2.24 to $2.30.
Current Market Conditions and Patterns
Currently, XRP is in a corrective phase, moving in an ABC structure. There’s a cluster of support around $1.55 to $1.57, which might offer a temporary bounce. However, the overall trend remains down unless XRP can decisively break above $2.17. If it fails to do so, we can expect further declines towards $1.55, possibly even testing the $1.33 to $1.21 range.
Weekly Perspective: Fibonacci Support Levels
XRP has bounced from the 78.6% Fibonacci retracement level, providing support near $1.60. This level is crucial—if XRP drops below this, the next support could be around $1.30 to $1.40. The resistance levels to watch are near $2 and a strong barrier at around $3.
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