XRP, a digital currency, has experienced a pullback, dropping 7.14% from its recent local top. The current situation is attracting traders' interest as the price approaches a critical support zone.
Technical Analysis of XRP
Following a sharp rise driven by a reclaim of the point of control, XRP has retraced and is now heading towards a key support level at $2.80. This price corresponds with the 0.618 Fibonacci level, the high of a previous volume range, and high-timeframe structural support.
Significance of the $2.80 Level
The $2.80 level represents a zone where several technical factors converge. If the bulls can defend this level, it may lead to a price reversal and the formation of new highs. However, if this level fails, the next significant support will be the point of control.
Expectations for Price Movement
XRP is now at a high-confluence support zone at $2.80. If this level is backed with strength, a bullish reversal and continuation toward new highs is likely. Otherwise, focus will shift to the point of control for the next reaction zone.
The situation surrounding XRP remains noteworthy: key levels at $2.80 and the point of control will determine the future dynamics. It will be interesting to monitor trading volumes, as they can indicate a resurgence of buyer interest.
