After failing to breach the crucial resistance level around $2.48, XRP suffered a serious setback. This has raised concerns regarding the asset's short-term trajectory and highlighted several important price levels.
Analyzing the Current Market Situation of XRP
XRP's upward trajectory was stopped by a strong barrier at $2.48. This level has historically been important, acting as support and resistance in earlier cycles. Due to the pullback, XRP is now trading close to $2.33, suggesting declining bullish strength.
Key Support Levels
Support at $2.20 is to keep an eye on right now. Further bearish pressure may be indicated by a decline below $2.20, and XRP may revisit the 50 EMA close to $2.07. Holding this level is essential for maintaining a neutral to bullish outlook.
XRP's Prospects and Forecast
With higher volume, XRP may regain upward momentum and aim for the $2.75 target if it can hold above $2.20 and retest $2.48. A deeper correction might result from a break below $2.20, with $1.57 emerging as the crucial support zone.
The current price movement of XRP points to caution. Investors should keep a careful eye on volume dynamics and general market trends to predict the next move.
