Cryptocurrency analytics firm MakroVision has released its latest assessment of XRP, identifying key resistance and support levels that could influence the current trend shift.
Current XRP Status
After a sharp sell-off, XRP has recovered rapidly and is currently trading just above $2.40. However, several critical resistance levels need to be overcome for a sustainable trend reversal.
Critical Resistance Levels
MakroVision highlights several key resistances:
- $2.65: A strong resistance level that needs to be reclaimed. A break above this level could be the first bullish signal. - $2.80: This is a significant breakout level, in line with the red trendline. A successful move above could open the way to $3.06.
Support and Potential Scenarios
If XRP fails to break the resistance, it could retest lower support zones:
- $2.27 (0.5 Fibonacci retracement): The price has already reacted to this level, which holds as a key near-term support. - $2.10 (0.618 Fibonacci retracement): If there are further declines, this area could act as a strong base.
MakroVision's assessment emphasizes the importance of key resistance and support levels for XRP's future movement. Failing to overcome these levels might lead to testing lower supports.
