- XRP maintained bullish momentum over the weekend by bouncing off the $2.0807 support.
- Crucial indicators converged around XRP’s $2 region.
- Aggressive traders see massive opportunities in XRP’s current situation.
XRP bounced off support at $2.0807 over the weekend to maintain a bullish outlook despite fears of a potential decline. The $2 psychological support has formed a formidable base for XRP’s latest bullish momentum.
This is especially clear when you look at how often that level has successfully repelled potential bearish downturns.
XRP/USD Daily Chart on TradingView
$2 Mark Becomes Crucial Support Floor for XRP
Besides holding support over the past weekend, the $2 region became XRP’s price floor following the crypto market’s recovery since the beginning of April.
That level marks the midpoint of the Fibonacci retracement from the latest rally and has established notable support for the altcoin.
Analysts Pinpoint $2 as XRP’s Key Sentiment Pivot
Although the $2 region represents XRP’s most crucial support for the season, crypto analysts consider it critical. The alignment of indicators around that price level qualifies it as a potential swing point around which traders will decide whether to remain bullish on XRP or swing in the opposite direction.
For instance, the midpoint of the bullish Fibonacci retracement of XRP’s latest rally rests on the $2 support. Additionally, the 200 EMA reinforces the support around this region, with the price trading close to the short-term trendline from the latest retracement.
Related: XRP Gathers Strength as It Marks 13 Years, Technical Signals Flash Green
Breaking $2 Support Risks Bearish Turn for XRP
Aggressive traders consider the highlighted confluence of indicators strategic for market entries.
However, breaking below this level could change the outlook and overhaul the altcoin’s sentiment, turning it into a bearish market.
XRP Bulls Target Trendline Break to Confirm Recovery
The latest bounce off the crucial support boosted investors’ confidence in XRP, even though the price remained below the short-term downward trendline. XRP’s price action reflects an ongoing struggle between the bulls and the bears, with both trader groups battling for market superiority.
Related: XRP (XRP) Price Prediction for 2nd June: Bearish Momentum Deepens as Price Struggles Below Key Resistance
XRP traded for $2.1524 at the time of writing, and the bulls consider the price too close to support. Most XRP investors want the altcoin to break above the short-term trendline to boost the bullish sentiment and confirm the recovery from the latest pullback.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
