The XRP market is experiencing a price drop, which has caught the attention of traders and analysts. This article examines the current support levels and possible scenarios for future developments.
General Overview of the XRP Market Situation
The XRP rate has fallen by 1.17% compared to the previous day. This decline is part of a broader correction seen in the altcoin market.
Current Support and Resistance Levels
On the hourly chart, the price is breaking the local support at $3.4115. If the daily bar closes below this level, the correction may continue in the $3.35 range. On larger timeframes, the rate of XRP is going down after a false breakout of resistance at $3.5495.
Forecasts for the Coming Days
If bulls cannot seize the initiative, traders may witness a test of the $3-$3.20 zone over the next few days. From a midterm perspective, pay attention to the bar closure around the $3.40 level. If it occurs below and with a long wick, sellers may return to the market, and traders may see a correction to $3.
With the current analysis, a continuation of the XRP correction is expected. Traders should closely monitor support levels and price behavior in the coming days.
