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Cryptocurrency analysis firm MakroVision has shared its updated technical assessment of $XRP's current market outlook.
The company noted that the ongoing selling pressure in the broader crypto market continues to affect $XRP. According to the analysis, $XRP's loss of critical support at $2.22 has accelerated the downward momentum.
MakroVision stated that in the short term, $XRP has hit the 0.618-0.665 Fibonacci retracement “Golden Pocket” zone in the $1.87-$1.82 range, but the reaction from this area has been weak. It added that $XRP needs to settle back above $1.96 for any upward movement to subside.
The next support area to monitor in case of further declines is the $1.76-$1.66 range. Analysts noted that unless $1.96 is broken, $2.22 and $2.48 are currently distant targets, suggesting the trend remains significantly negative in the medium term.
At the time of writing, the $XRP price is trading at $1.92 and has lost approximately 1% of its value in the last 24 hours.
*This is not investment advice.