- XRP faces critical support between $1.99 and $2.02, potentially halting declines.
- A break above $2.4317 could signal a rally toward $2.88 or $3.00.
- Symmetrical triangle suggests a potential move to $2.55 or dip to $2.07.
XRP has recently shown signs of consolidation, with its price hovering around the $2.28 range. Analysts CrediBULL Crypto, has pointed to a potential pullback in the broader Bitcoin market, which could impact XRP’s price action. As of press time, XRP is trading at approximately $2.29, marking a 6.28% decline in the past 24 hours, with a 24-hour trading volume of $8.57 billion.
Support and Resistance Levels Define XRP’s Range
CrediBULL Crypto highlights several key price zones for XRP, underscoring the importance of its support and resistance levels. The strong support range between $2.02 and $1.99 is marked as a critical zone where buyers could step in to prevent further declines. Additionally, a secondary support range around $2.08 to $2.22 provides another area of potential stability.
On the resistance front, XRP faces immediate hurdles at $2.4317, a level that has historically seen significant selling pressure. Beyond this, a higher resistance zone between $2.88 and $2.90 serves as a formidable barrier, potentially limiting upside movement in the short term.
The analyst also points out the asset’s consolidation pattern, with prices oscillating between $2.22 and $2.4317. This accumulation phase could pave the way for a major breakout, depending on market momentum.
A decisive move above $2.4317 may signal a rally toward $2.88, with the potential to surpass the $3.00 mark. Conversely, failure to hold support near $2.02 could lead to a retest of lower levels, possibly around $1.5971.
Symmetrical Triangle and Price Prediction
EGRAG CRYPTO presents another perspective, identifying a symmetrical triangle formation that suggests a breakout is imminent. According to the analysis, an upward breakout could target $2.55, offering a significant upside from the current levels. On the downside, the pattern points to a potential dip toward $2.07 if bearish momentum prevails.
This symmetrical triangle reflects a period of market indecision, where buyers and sellers are battling for control. EGRAG CRYPTO emphasizes the importance of monitoring price movements closely, as a clear breakout in either direction will confirm the next trend.
