Amidst a volatile crypto market, XRP showcases mixed signals across different timeframes. Let's explore the coin's behavior in daily, weekly, and 4-hour perspectives.
Testing Critical Support on the Daily Chart
Over the past day, XRP has declined by 7%, breaking through a key support level represented by the 100-day Exponential Moving Average (EMA). This level indicates sustained bearish pressure. Support at $2.00 and $1.90 remains critical, and a breach could lead to further losses, while reclaiming $2.20 might signal a potential reversal.
Defending Fibonacci Levels on the Weekly Chart
On the weekly chart, XRP holds steady around key Fibonacci levels—0.5 ($2.00) and 0.618 ($1.90). These areas serve as strong accumulation zones, opening the door for a bullish reversal. If XRP stays above these levels, a fresh attempt to breach the $3.00 resistance might be possible. However, if bears take control and drop below $1.90, enhanced selling pressure may arise.
Tension Within a Bullish Pattern on the 4-Hour Chart
The 4-hour chart reveals a developing bullish pennant—a classic sign of an impending breakout. If XRP clears its resistance zone, a target movement to $4.20 could follow. Conversely, a failed breakout attempt might lead to testing lower support levels.
The diverse market signals create an uncertain situation. Traders should stay vigilant for changes, especially considering the potential for both upward and downward price movements of XRP.
