Analyst Egrag Crypto has shared a technical analysis highlighting critical levels for XRP's price that must be overcome to avoid further declines.
Key XRP Resistance Levels
Analyst Egrag Crypto noted that to prevent further decline, XRP needs to close above $2.63. This would confirm the formation of a double-bottom pattern, often associated with potential bullish reversal.
Downside Risks and Potential Targets
If XRP fails to hold above $2.63, Egrag Crypto outlined key downside targets at $1.71 and $1.60. These levels represent potential support areas where XRP could find buying interest if the downtrend continues.
Market Impact and Investor Sentiment
Egrag Crypto's analysis reflects the broader sentiment in the XRP community, where traders are closely monitoring price action for confirmation of a bullish reversal. A successful move above $2.63 could renew optimism, while a rejection at this level may increase selling pressure.
Given the current XRP trading situation, market participants will observe trading volume and price momentum in the coming days to determine if XRP can establish a bullish structure or if further downside is expected.
