The cryptocurrency market is in the red today, with price declines for major coins including Bitcoin and XRP. XRP has been hit the hardest, with its price dropping over 20% in the last 24 hours.
Current State of XRP
XRP's price has fallen below its previous key support level of $2.52 and is now trading at $2.41. If the price continues to fall, a test of $2.32 becomes more likely. A break below this level would confirm a more bearish outlook, suggesting an invalidation of the previous micro 'one-two' setup. For now, the larger pattern remains intact, but market pressure is increasing.
Waiting for Confirmation of Reversal
To confirm a reversal, XRP would need to break above the recent high of $3.15. Additionally, a break above $2.89 (the golden ratio level) could signal the start of an upside breakout. For now, the market remains in a correction phase, but it is in an area where a potential low could form.
Larger Range and Next Support Levels
XRP remains within a larger sideways range, bounded between $1.96 (the previous breakout point from 2021) and the $3.40 level. If the market continues to decline, the next key support levels are at $2.23 (the 100% extension of the immediate down move) and lower levels around $1.96 and $1.23. Overall, the market pressure is currently bearish, but there remains a chance for the bulls to step in. With Bitcoin having reached its downside target, the market could see a reversal in the coming week. However, no confirmed low has yet been established, so it’s crucial to remain patient and monitor for further developments.
The cryptocurrency market is experiencing significant fluctuations, and it's clear that the coming days will be crucial for the future direction of XRP. So far, all signals point to a bearish trend, but this could change at any moment with new developments.
