XRP's price continues to show a decline, coinciding with broader trends in the cryptocurrency market linked to US-China trade tensions.
XRP's Struggles with Key Levels
XRP failed to reclaim the crucial $1.95 to $2 level, which remains a significant resistance zone. The potential for pushing past this level in the future will largely depend on Bitcoin's performance, as the correlation between XRP and BTC remains strong at 85%. After yesterday’s rejection from $1.95, XRP dropped to a local support level around $1.75, where it has managed to hold steady, showing some volume support at this price point.
Short-Term Retracement and Support Levels
In the short term, XRP is retracing and approaching a key support level between $1.74 and $1.75. While it's possible to see a bounce from this support zone, the overall trend remains bearish as lower highs and lower lows continue to form within a descending parallel channel. Over the past 24 hours, XRP faced rejection at a previous support level now acting as resistance. This shift from support to resistance is a clear bearish indicator, reinforcing the overall downward trend in price.
Downside Price Targets for XRP
The key downside targets for XRP include the $1.60 range and the $1.74-$1.75 support zone. Traders should watch these levels closely as potential points for further price action or reversals.
The decline in XRP's price continues to concern investors and traders amid the volatility of the crypto market and the influence of Bitcoin. The upcoming support and resistance levels may prove crucial for future price movements.
