XRP has fallen to fourth place among cryptocurrencies, losing about three percent in the last 24 hours. However, a market structure change may be on the horizon.
Current Market Situation
XRP is currently struggling to stay above the $2.30 mark. If the price breaks below the key support level at $2.24, it may indicate a change in market structure. The observed pattern includes phases such as automatic rally and secondary tests. We are currently in the 'spring' phase, awaiting the final breakout.
Support Levels
The key support levels to watch are $2.23, $2.21, $2.17, $2.29, and $2.24. These areas should be monitored for reversal signals, but a clear breakout above certain levels will confirm further bullish movement.
Breakout Signals and Expectations
A breakout above the 50% Fibonacci level at $2.35 would signal the end of the current downside and potentially mark the start of an upside move. XRP is known to react quickly to such breakouts, so traders should stay alert. After more than a month of range-bound movement, the end seems near. The final phase is underway, and the next movement could be a push upward.
The XRP market shows signs of concluding its accumulation phase. Traders should carefully watch for changes that might signal the onset of a price increase or a shift in market trends.
