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XRP Crash

XRP at a Make-or-Break Moment: Can Bulls Defend the $1.20 Support?

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  • XRP must stay above $1.20 to maintain bullish momentum, or risk a bearish trend if support is lost.
  • A head-and-shoulders pattern suggests $2 is a key support level that bulls must defend to keep the uptrend alive.
  • Upcoming weeks are crucial as XRP battles between a breakout and a potential deeper correction.

XRP is currently in a crucial phase of the market cycle because major levels are defining the direction of its price action. In a recent X post, More Crypto Online suggested that $1.20 is a critical point that triggers the bullish run of XRP. If the price is still above this level, then another high of this cycle is anticipated. But this signals that the support level can be lost and could be the start of a bearish run.  

Will Bulls Hold Strong?

Although the near-term outlook is bullish, it is necessary to be prepared for some drawback before XRP will be ready for a massive move. The market trend may remain fluctuating in the short term and may not give indications of a specific trend. XRP needs to maintain its position above $1.20, and further downward momentum could put it into a longer bearish run.  

Ali Maeteniz revealed that formation of the head and shoulder pattern on the weekly chart of Ripple’s XRP. As for the levels of support, the $2 price level is marked as the critical level that needs to be held by bulls to preserve the bullish trend. If the XRP price holds above this level, it would likely encourage investors to increase their holdings with more buys to drive up the price higher.  

XRP’s Critical Turning Point

Thus, failing to hold the indicated levels may change the trend toward a bearish one. Any price broke below this support level may trigger incoming selling pressure and drag the price of coin to such levels. On the flip side, if bulls stand their ground on $1.20, the digital asset may stagnate as it tries to continue with an upward trajectory.  

The critical period for the token will be the following weeks, as its price will define its performance against the support levels. Since there seems to be no clear trend, it is advisable for investors to watch the price movement very carefully. This scenario could help to catalyse a bullish impulse, and a break below the levels may cause more carefulness among the parties. As of press time, the Ripple token is trading at $2.34, showing a 0.95% decline over the past day.

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Source: TradingView

For now, XRP remains in the middle-ground, whereby both bulls and bears are fighting to gain control of the coin. If these levels remain unbroken, the digital asset could yet again see another leg up in this cycle. However, the failure of this support level enables a deeper breakdown, and therefore, the next few trading sessions will define the direction of cryptocurrency.

Is XRP Poised for a Major Rally? Key Levels to Watch for a Potential Bull Run

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  • XRP approaches the end of correction, RSI indicates a potential bounce to $5-$8.
  • Critical support between $1.88-$1.91 could set the stage for XRP’s upward momentum.
  • Breaking resistance levels at $2.44, $2.99, and $5.85 could trigger a bullish rally for XRP.

Dark Defender pointed that XRP has almost formed the ABC correction pattern on the daily chart. The Relative Strength Index (RSI) has found the extreme level and the decline of the index indicates that it may be the end of the correction. Thus, with the RSI value close to the oversold level, the indicator is signaling a bounce is likely to occur soon.

The upward projection for XRP commences with a sideways movement to $3; the bulls’ target is pegged at a range of $5 – $8. This forecast is based on other stages of the correction wave such as waves 3 to 5, that could elevate the price higher. Due to its current RSI standing at low levels, much is anticipated for token to experience a major uptrend.

Key Levels to Watch

The support levels play a significant role in deciding token’sfurther direction since the support in the $1.88 to $1.91 area is critical. On the other hand, resistance levels are established at $2.44, $2.99, and $5.85. This level was defined earlier as the support for this correction at $1.88-$1.91 and may become the starting point for turning the tide for the coin.

The structure mentioned in the analysis that was posted on February 22 has already reached the target correction level. This, therefore, confirms that token is working towards the end of its bearish cycle. After the correction part is over, the position will follow the upward movement and towards the top part of the chart it will come back to life again.

The analyst uses a similar Fibonacci as the previous occurrence when XRP reached $0.3917 before a significant bounce. These past patterns seem to hint that the current slump may be followed by another sharp run up just like in past examples of bullishness.

XRP Nears Bullish Reversal

The current very low RSI levels when compared to the price formation/prepublication zone signal that the XRP is due for a bounce. Based on its roller-coaster trend over the years, the cryptocurrency is set have a good run in the short term. At press time, Ripple token is trading at $2.03, down by 8.8% over the past day.

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Source: TradingView

For the XRP to maintain its upward trend, certain resistance levels must be cleared. If it goes further than these levels, then there is a possibility of a rise to $5-$8 per coin. Hence, the future movement of XRP’s price major movement will critically depend on the performance of the cryptocurrency at these levels.