Analytics firm MakroVision has released an updated assessment of XRP, highlighting renewed pressure due to a failure to break through a key resistance level.
Current Market Situation for XRP
XRP attempted to break above the descending trendline but faced resistance, leading to another drop. Traders are closely watching the support at $2.48, a crucial figure for the short-term outlook. As of the time of writing, XRP is trading at $2.48.
Analysis of Key Support and Resistance Levels
According to MakroVision, XRP remains weak without confirming a breakout, and the recent breakdown of a short-term triangle pattern reinforces the bearish scenario unless a swift recovery occurs. Key levels to watch for include:
$2.48: If XRP closes below this level on the daily chart, another sell-off towards Fibonacci support levels could be triggered. $2.19 – $2.23: Next major support cluster in the event of a deeper correction. $2.65: The first hurdle to a potential recovery. $2.80: Recent swing high with significant liquidity. A confirmed break above this level would be very bullish.
Future Scenarios for XRP
XRP's future remains uncertain. If it manages to hold above $2.48, there could be room for recovery. However, failure to sustain offers a bearish outlook, potentially leading the price to lower support levels.
MakroVision's assessment underlines signs of weakness for XRP, warranting close attention to key levels and prudent risk management by investors.
