Cryptocurrency analytics firm MakroVision has released an updated XRP assessment that highlights renewed downward pressure after failing to break through a key resistance level.
According to the analytics firm, XRP attempted to break above the descending trendline but encountered resistance, leading to another drop. This puts the $2.48 support area in focus as traders watch to see if it can hold out or if further downside is imminent.
At the time of writing, the XRP price is trading at $2.48.
According to the analyst firm, XRP remains weak after failing to confirm a breakout, and the recent breakdown of a short-term triangle pattern reinforces the bearish scenario unless a swift recovery occurs. According to the analyst firm, here are the key levels to watch for in the XRP price:
- $2.48: A crucial level, if XRP closes below this level on the daily chart, it could trigger another sell-off towards the Fibonacci support levels.
- $2.19 – $2.23: Next major support cluster in case of a deeper correction.
- $2.65: The first hurdle to a potential recovery.
- $2.80: Recent swing high combined with significant liquidity. A confirmed break above this level would be very bullish.
XRP technical analysis chart shared by MakroVision.
*This is not investment advice.
