Following a multi-day correction, XRP displayed a sharp recovery, but the defense of the $2.09 level could be critical to avoiding a further drop.
Bounce Back to $1.92 Support
XRP has rallied after tapping directly into $1.92 support, a critical level just below the current trading range. This level was essential for the bounce, as significant liquidity was tapped.
Key Levels and Trading Volume
Currently, XRP is trading above the point of control, indicating the bulk of recent volume is below the price. However, the $2.09 level must hold to avoid further downside. Weak trading volume suggests the current move may lack conviction.
Expectations for Price Movement
To validate the recent bounce, XRP needs to hold above the $2.09 level. Failure to do so increases the risk of a deeper move below $1.92. If support holds, the path towards resistance at $2.28 may open, but until then, continued price rotation in the range is expected.
The current XRP situation requires careful observation of the $2.09 support level, as a breach could lead to a loss of bullish structure and additional price declines.
