- XRP’s price remains bearish, having declined from its $2.65 May peak to test $2.13 support.
- Analyst CasiTrades marks $2.13 as a critical level; a drop below it risks a fall toward $1.77.
- A bounce from $2.13 could target $2.253 short-term; $2.456 is possible if bullish momentum continues.
XRP’s recent price action reveals persistent bearish pressure, signaling a challenging phase for the crypto. Since May 12, the token has posted consecutive lower highs on the daily chart, retreating steadily from its May peak of $2.65.
The extended decline follows a previous rally from $1.80 in early April. That uptrend marked a temporary recovery before the current slump. XRP’s failure to maintain bullish momentum has raised concerns among traders and analysts. Market participants are now eyeing crucial support zones for potential turnaround cues.
Break Below $2.13 Risks XRP Plunge
As per the Crypto update, CasiTrades has pinpointed the $2.13 level as XRP’s make-or-break support. The analyst asserts that if this zone holds, it could act as a springboard for a swift rebound. A decisive breakdown, however, may lead to a steep price fall, threatening recent gains.
With the broader crypto market also facing correction, XRP’s future trajectory may hinge on macro sentiment. Investors are focusing on whether bulls can maintain strength above $2.13. A positive defense of this support might trigger renewed buying interest among swing and scalp traders.
On May 30, CasiTrades presented a short-term scalp trade setup for XRP. According to the analysis, the token’s drop to its 0.118 Fibonacci level at $2.196 offers a buying opportunity. The entry point is marked at $2.20 with a take-profit zone at $2.253, aligning with the 0.236 Fibonacci retracement level.
However, this setup is built for quick relief and doesn’t imply a full trend reversal. Should strong bullish momentum persist, Ripple might break higher, targeting $2.333, $2.395, and $2.456. Still, the trade’s validity hinges on XRP not falling below the $2.13 stop-loss identified by the analyst.
XRP May Revisit $2 in Bearish Trend
Breaking below the $2.13 level would make the scalp-setting idea null and may result in bigger losses. According to CasiTrades, the next significant area of support after this would be the area around $1.77. If the current levels are not protected, a downtrend might pull the Ripple price even lower and eventually hit down to that level in the next sessions.
Currently, XRP has reached $2.1533 resistance locally. Breaking out of this level and ending the day above it might confirm the possibility of a little bit of an upward move. Looking at the daily chart, we can see that the coin has recoiled from the $2.077 level. However, continued rejection near $2.59 signals that the medium-term trend remains bearish, eyeing $2 as the next key level.
Read More: XRP Faces Critical Retest: Will $2 Mark Be a Turning Point for Investors?
