Cryptocurrency analytics firm MakroVision has released an updated assessment of XRP’s price action, sharing ongoing bearish pressure and key resistance levels.
According to the analytics firm, XRP has once again been rejected from resistance and is under selling pressure. The critical resistance range of $2.58-$2.65 has not been breached, indicating continued weakness in the market.
According to analysts at MakroVision, XRP continues to form lower highs, reaffirming the prevailing downtrend. The break below $2.19 has brought the short-term bearish outlook back into focus.
The recent upward move appears to be corrective in nature and a break above $2.65 is needed to confirm continued strength.
Analysts have identified key points for the XRP price as follows:
- $2.22: A short-term trigger level for a potential recovery.
- $2.58-$2.65: A critical resistance cluster consisting of the horizontal resistance and the 0.5 Fibonacci retracement level. XRP has repeatedly failed to break above this zone, cementing its importance. A break above $2.65 could change the technical outlook positively.
- $2.03: This level is under increasing pressure but remains a key support level.
- $1.54 – $1.40: A key area that contains the golden pocket Fibonacci retracement and represents the next downside target if $2.03 fails.
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At the time of writing, the XRP price is trading at $2.12.
As long as the $203 support holds, a recovery remains possible. However, without a clear break above $2.65, XRP could remain stuck in the broader downtrend.
*This is not investment advice.