XRP is trading near $2.24 amid a turbulent crypto market, keeping investors on high alert. Technical analysis across various timeframes reveals critical levels and patterns likely to dictate XRP's near-term trajectory.
Detailed Price Analysis
On the daily chart, XRP faces significant challenges:
* Support: Around $2.00 * Resistance: Near $2.64
XRP’s price action indicates pressure at the $2.64 level, a key barrier to upward movement. A breach could nudge the price toward $2.80. However, failure to hold the $2.00 support might trigger further declines.
Over the weekly timeframe, XRP shows broader short-term dynamics:
* Support: Approximately $2.02 * Resistance: Close to $2.94
Recent momentum has weakened, with the $2.94 resistance acting as a crucial ceiling. Holding support near $2.02 is essential to avoid deeper losses.
On the monthly scale, XRP’s trading range is wider:
* Support: About $1.40 * Resistance: Around $3.29
A move above $3.29 would signal renewed bullish sentiment, while a drop below $1.40 might trigger a significant correction.
Technical Signals and Projections
A potential bearish head and shoulders pattern may be forming, indicating a correction exceeding 50% if XRP drops below $2.00. Momentum indicators also suggest caution; the Relative Strength Index (RSI) is declining and the Moving Average Convergence Divergence (MACD) shows bearish divergence.
Early April Prediction
Two scenarios emerge for early April:
**Bullish:** If XRP overcomes the $2.64 resistance and sustains momentum, it could challenge the $2.94 level and potentially climb above $3.00, moving toward $3.29.
**Bearish:** Intensified selling pressure may push XRP below $2.00, potentially into the $1.80–$1.40 range, with a sustained breach of $1.40 possibly marking a prolonged bearish phase.
In this volatile environment, closely monitoring these key levels and technical indicators will be essential for traders assessing XRP's next move.
