- XRP is at critical support levels, suggesting a potential market reversal in the near future.
- Analyst points out key support and resistance zones that will determine XRP’s next major move.
- The recent pullback is seen as a healthy correction within XRP’s broader bullish trend.
XRP extended the losses for the fourth consecutive day and stretched to key support of $2.17. This level of resistance has become a strong support for the cryptocurrency at this level. However, many indicators suggest that the market sentiment could turn around soon. This implies that XRP might be moving in a cycle and may stage a big move.
In an X post on Friday, Egrag Crypto pointed out that XRP faces the main support and resistance, which can define the coin’s next major movement. Egrag noted that XRP is currently in a pivotal stage, and there are two possible outcomes: establishing a new range or establishing the basis for further growth of the cryptocurrency. XRP rose to $3.39 in the past, but now it failed to overcome the $2.70 resistance level.
XRP Support Levels
As of press time, XRP is around $2.40, a 1.20% decline over the past day. The cryptocurrency is on trial by surviving at the critical support level of $1.83 to $1.57. Egrag has highlighted that these levels define whether there is an opportunity for the long-term growth of the XRP price or whether it will be under more pressure in the bearish market condition.
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The current pullback is just a normal correction within the context of the longer-term bull run we have witnessed in XRP in the past few months. The support at $2.17 is being tested, and if it holds, the cryptocurrency could be positioned for a potential bounce toward the $2.60-$2.73 range. This price zone can also be interpreted as the next resistance level in connection to the 50-day EMA. A successful retake of this range will prime XRP to push against the $3.00 mark in the near future.
However, it should be noted here that XRP is not in a negative stance, as it may seem after its recent downfall. Its growth remains stable in the long term, and the current decline would most likely be temporary. The future of XRP in the next several days will determine whether the currency will start a recovery or remain in a state of consolidation.
