- The price of XRP ranges from $2.09 to $2.16 with cautious buying pressure.
- Analysts see $2 and $2.26 as crucial resistance levels for XRP’s breakout.
- XRP faces bearish pressure, but support at $2.00 may lead to a reversal.
XRP is currently trading at $2.14, with a market capitalization of $125 billion and a 24-hour trading volume of $2.42 billion. The token’s price is fluctuating between $2.09 and $2.16, indicating cautious buying pressure within a tight range of resistance and support. This price action suggests that traders are waiting for a breakout.
Critical Resistance Levels and Analyst Predictions
Crypto analyst Ali has pointed out that $2 and $2.26 are crucial resistance levels for XRP. A confirmed close above or below this tight range could determine the next major trend for the asset. Traders are closely watching for any movement that might signal a shift in market sentiment or momentum.
The price chart reveals that XRP is in the final stages of a complex corrective pattern. Analysts predict that the token is on the brink of entering a third-wave rally. XForceGlobal has highlighted a Fibonacci Retracement zone between the $2.00 and $1.80 range as a potential entry point for traders. The key support level for XRP is the regional low at $1.60, which will dictate the next movement of the cryptocurrency.
XRP currently trades below the 12-hour 50, 100, and 200 Exponential Moving Averages (EMAs), reinforcing the prevailing bearish market trend. Recent attempts to break the descending trendline have led to liquidations of long positions, adding pressure to the downside.
Key Resistance Levels for XRP at $2.17, $2.19
The Relative Strength Index has decreased significantly from its recent high reading of 65.43 to 39.56, continuing to support the bearish trend in Ripple. Further decline to the oversold level might trigger panic selling, further prompting the price downwards. A breakdown below the level of $2.00 might take the token to its low of April 7 at $1.62.
However, an immediate reversal remains a possibility, especially if support at $2.00 holds. Traders are waiting for prices to cross above critical resistance levels like the 50 EMA at $2.17 and the 100 EMA at $2.19. If XRP manages to move past these levels, there is every chance of renewed bullish sentiment resuming, targeting a possible rise to $3.00.
Ripple is still trading within the descending channel pattern in its weekly chart, usually an indicator of long-term accumulation. Analysts believe the price may be approaching a key support zone at $1.85, suggesting a possible reversal. If momentum picks up, short-term price targets such as $2.95, $3.39, and $3.87 are within reach.
Read More: Only XRP Buyers in Profit, Others in Losses: Glassnode