The XRP price has once again caught traders' attention as it attempts to recover from recent lows. Analysts point to key levels that could impact its price trajectory.
Attempt to Reclaim Above the 21-Week EMA
The XRP/USDT chart on the weekly timeframe shows that the asset is currently trading above the 21-week EMA, which many market participants view as an important trend indicator. A close above this line can signal a shift in momentum favoring buyers.
Resistance and Support Zones for XRP
XRP price is currently testing a short-term resistance at $0.62900. A successful close above this level could open the path towards the next Fibonacci extension levels at $0.69995 and $1.09995. On the downside, the next support is around $0.58243.
XRP Market Structure and Historical References
Analysts draw comparisons to earlier market cycles, suggesting that failure to hold above key levels could lead to renewed bearish sentiments.
The XRP market remains under close observation by traders. Key levels to monitor will determine the asset's future price movement. This week is expected to be crucial for direction confirmation.
