Cryptocurrency analysis company MakroVision has released a new report examining the current market structure of XRP.
The report states that XRP is still in a downtrend and that tests at critical support levels are ongoing. MakroVision emphasized that XRP is stuck in a narrow price range and the bearish structure (red trend line) is still dominant. Currently, the 0.5 Fibonacci level of $2.13 is being tested for the third time. However, it was stated that there are no strong signals of a permanent trend reversal yet.
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Here are the highlights from the latest notes published by the analytics company:
XRP has been trading within a clear bearish structure since the $2.65 level.
The $2.35–$2.38 range is notable as both the region of high liquidity and the location of the last falling top. Upward attempts to this region have so far been limited to corrections.
$2.13 (0.5 Fibonacci level): Tested for the third time, with each retest increasing the likelihood of a breakout.
$2.03–$1.95 range: The area where horizontal support intersects with the region known as the “golden pocket.”
In case of a break below these supports, the XRP price is likely to drop to the $1.55–$1.40 range.
A strong break above $2.38 could revive bullish momentum for XRP, otherwise the risk of a drop to lower levels remains on the agenda.
*This is not investment advice.