Following a significant decline, XRP has crossed below a crucial long-term ascending channel, raising concerns among investors and traders.
Breaking the Long-Term Support
The technical chart illustrates that XRP had been trading within a well-defined ascending channel since mid-2024. This bullish structure provided a framework for price movements, guided by support and resistance levels. Nevertheless, a distinct downward trend through the channel base constitutes a warning sign for potential market trends and prolonged corrective actions. XRP faced bearish pressure when its support level at $2.20 failed, causing the token to struggle to stay above $2.00.
Key Levels and Market Implications
The breakdown through the ascending channel creates an unstable situation for XRP. The price needs to recover to $2.20 to prevent further decreases, with the primary support starting at around $1.60. Hence, a price rise above $2.30 would be necessary to break the ongoing bear market and reestablish bullish signals. Selling pressure has intensified based on volume trends, which strengthens the potential for a bearish price movement.
Potential Future Trends
The current price decline may cause XRP to reach the $1.60 psychological and technical support level, but it still remains a potential temporary buying point. Failing to maintain support at this level might initiate another move toward $1.00. A quick increase above $2.30 would indicate an unsuccessful market correction, attracting renewed interest from buyers.
The current market value of XRP at $2.07 will shape upcoming price movements to show whether bears will dominate the market or bulls will push for recovery.
