XRP is currently priced at $2.02, showing a 4.27% decline from the previous close. This analysis explores XRP’s price action on the weekly, daily, and 4-hour charts.
Weekly Chart Overview
The weekly chart reveals that XRP is currently testing a critical support zone around $2.00. This level has historically acted as a strong buying point, providing a solid foundation for XRP’s price action. As long as the price remains above $2.00, there is potential for a rebound and a continuation of the uptrend.
Daily Chart Analysis
On the daily timeframe, XRP appears to be forming a head-and-shoulders pattern, a bearish reversal formation. The neckline of this pattern sits at around $2.00. If the price breaks below this level, it could signal a potential downtrend, with a price target of approximately $1.23, marking a 38% correction from the current price.
4-Hour Chart Breakdown
The 4-hour chart indicates a consolidation phase between the $2.11 and $2.60 levels. The $2.40 mark is a crucial resistance point, and if XRP manages to break above this zone, a rally toward higher resistance levels could be expected.
The immediate analysis shows that XRP is at a critical $2.00 level, and its further price movement will depend on whether this level holds. Traders should exercise caution and closely monitor this area.
