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With XRP and the crypto market entering another correctional phase, a notable market analyst has shared the next major support for XRP.
XRP joined a broader market downturn on Tuesday, correcting over 6% from its intraday high of $2.46. Although the XRPL native token pushed for higher prices during the Asian trading session today, it has relinquished most of its gain as of this writing.
Meanwhile, notable market analyst Nebraskangooner has suggested the likely support XRP will find solace in. In a January 7 tweet, he asserted that the fourth-largest crypto asset could further correct 12% to a crucial demand level.
Analyst Says XRP’s Back Consolidating After Fake Out
In his commentary, Nebraskangooner stated that XRP is back consolidating within its falling wedge price pattern. He insinuated that the token faked a breakout from the structure after a daily close on January 3.
An accompanying chart shows that XRP consolidated above the tip of the bullish flag pattern for three consecutive days before yesterday’s sharp decline. With the dump, the market speculator stated that XRP would target an over 12% correction to the $2 support zone now it is back inside the range.
Notably, the huge demand wall around the $2 price level has repeatedly served as crucial support for XRP. For context, the coin bounced from the region on December 10 and 20 after a proper market capsize.
What’s Next for XRP?
Meanwhile, analyst Egrag Crypto had earlier mentioned that XRP would continue to range within its micro levels until a break to price discovery. The analyst insisted that “it is all noise” between $2.00 and $2.65.
Although the asset attempted to reach the upper range band, its foray lost steam amid a broader market correction. For context, XRP grew to an intra-month high of $2.50 four days ago but has corrected over 7% since then.
Nonetheless, a break above the $2.65 range will see XRP surge to $3.55 and $3.77. However, if it breaks below the lower range, the asset could correct further to $1.64 and $1.37.
In the meantime, XRP trades at $2.30, up 1.35% since today.