XRP is currently consolidating near a key support area as traders watch for confirmation of a short-term directional move.
XRP is still struggling amid broad euphoria that seems to have peaked out. But, from the recent price action on the XRP chart on USDT, it looks like the coin is trading close to an important area of support. At press time, the coin is trading at $1.76, with a decline of 2.09% over the past 24 hours.
Chart Highlights $1.70 as Key Support
Right now, on the TradingView chart, XRP reflects a downward trend, marked by a sequence of lower highs and lower lows.
XRP remains below both the 50-day and 200-day moving average lines, but the 200-day is currently near the $2.50 level, acting as a significant level of long-term resistance along the bearish trend.
Despite the continued weakness, the coin forms higher lows above the support area of $1.70–$1.75, which has previously seen buying interest. Trading volume has remained low for it as well, so the selling pressure will likely continue decreasing rather than increasing.
Thus, as long as the price of the coin remains above $1.70, it is in a more stable trend, and below this price, the price may have a more significant risk to the downside.
Also Read: XRP Faces Downside Risk as Price Struggles Below $1.80
TD Sequential Signals Potential Rebound
According to Ali Charts’ recent update on X, a bullish signal on the 4-hour chart, which shows the potential of a trend continuation of the rebound, as long as XRP stays above $1.70. This signal shows potential for downside movement.
But is not indicative of a larger trend reversal in markets. As long as XRP stays above the $1.70 level, the setup will continue to work.
In conclusion, the future of the coin is unclear, but a key expectation for beginners to look out for is the $1.70 price target, as a bullish trend reversal has not yet happened. If you look at recent tech indicators, there could be an opportunity to profit off a short-term support rally if enough people hold above that level.
