Critical Moment for Ripple: Future of XRP Hinges on Key Support Level
In the cryptocurrency market, XRP is currently facing a critical moment as it tests the support level of $2.65. This crucial point could determine the direction of the digital asset in the near future.
The 9-week moving average, currently at $3.04, is acting as near-term resistance for XRP. If the price fails to break this level, it might expose lower supports at $2.50 and $2.33, potentially leading to further downside.
On a positive note, another analyst has outlined the formation of a spinning bottom for XRP, a pattern that could result in a price reversal. This optimistic view contrasts with that of analyst Steph, who believes that XRP has lost its long-term ascending trendline.
Steph also points out the breakdown point, where the price failed to stay above the trendline, as a significant event. However, if the $2.65 level holds, buyers may attempt a rebound.
The Technical Analysis indicators provide some insight into XRP's future. The TD Sequential has provided a back-to-back buy signal for XRP, suggesting a potential bullish trend. The histogram, a measure of momentum, is close to zero, reflecting indecision in XRP's momentum.
To confirm further upside, XRP needs to close above $2.85, $2.95, and $3.13, identified as key resistance points by both XRP analysts and EGRAG CRYPTO. Analysts see these levels as potential breakout points, with technical analysis indicating that surpassing them could lead XRP to target near-term levels of $3.30–$3.60, and potentially reach new all-time highs between $4.70 and even $11, depending on institutional catalysts like ETFs and DeFi launches.
Clearing these zones would open the way to $3.40, which would signal a new all-time high. However, if XRP fails to hold the $2.65 support, there's a possibility of accelerated losses, projecting a possible decline below $2.00 and into the $0.50-$0.60 range.
For more information on this price reversal scenario, interested readers may find additional insights on a specific website. It's essential to stay updated on XRP's price movements, as they could significantly impact the overall cryptocurrency market.
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