Cryptocurrency analytics firm MakroVision has released its latest technical analysis of XRP, highlighting the recent strong performance but also noting key resistance levels that need to be broken for further upward momentum.
According to MakroVision, the price of XRP recently bounced off the $2.65 support level, which lines up with the 0.5 Fibonacci retracement level. This recovery signals strength in the market, but the red descending trendlines remain a major hurdle for a sustained breakout.
According to the analyst firm, a clear breakout from the short-term downtrend is needed to confirm the continuation of the uptrend. A move above the descending red trend lines could trigger another strong uptrend wave.
According to analysts, the key resistance levels for XRP are as follows:
- $3.06: A very important level reinforced by the red trend line. Breaking above this level could ignite new bullish momentum.
- $3.39: Next major target. A break above this level could signal a continuation of a strong rally.
However, the analyst firm had this to say about the key support level:
- $2.65: A critical support level. A confirmed break below this could lead to increased selling pressure.
At the time of writing, the XRP price is trading at $2.85.
*This is not investment advice.
