Analyst Cryptoes emphasizes the $2.94 level as vital for XRP's future. Holding it could prevent deeper corrections.
$2.94: A Decisive Price for XRP
The $2.94 level holds significant technical importance. Charts show this area previously acted as resistance but has now turned into support following a recent sharp rise. Currently, XRP is trading between $2.93–$2.94, making the importance of this level clear as breaking below could lead to substantial losses.
Price Structure and Market Context
XRP's recent breakout from a multi-month descending triangle was a textbook bullish move. However, following the sharp rise, XRP faces a correction. It’s crucial for the price to stay above $2.94, as many analysts believe a break below this level could drag prices to $2.73 and $2.61.
Why $2.94 Matters
The $2.94 price also serves as a liquidity pivot. Earlier in the year, this level acted as a ceiling that XRP failed to break multiple times, and only when bulls reclaimed it did the market surge. Losing this level could indicate a classic bull trap.
For now, the $2.94 level remains crucial for XRP. Successfully holding above it could lead to a market recovery, whereas a drop below would trigger a more pronounced correction.
