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Cryptocurrency analytics firm MakroVision has provided an updated technical outlook on $XRP, highlighting key resistance and support levels following the recent price action.
$XRP briefly broke above the red trendline to reach a local high around $3. However, the bullish momentum quickly faded, leading to a sharp sell-off. With this rejection, analysts are now questioning whether the recovery phase is over or if another correction is imminent.
Price action is pointing to a potential (A)-(B)-(C) correction pattern, which signals a decision point for $XRP’s next trend.
According to the analyst firm, a sustainable break above $3.06 is crucial for a continued bullish structure. MakroVision has identified the critical price levels as follows:
- $2.19 – $2.23: $XRP must maintain this range to maintain bullish momentum.
- $2.03: A retest of this level would lean towards a bearish scenario.
- $1.40 – $1.55: If the corrective structure continues and $XRP breaks below $2, the next golden pocket support area could be tested.
- $2.65: A recovery above this resistance level is needed to regain bullish momentum.
At the time of writing, the $XRP price is trading at $2.32.
MacroVision’s analysis shows that $XRP remains under pressure following its failed breakout. The price needs to break above $2.65 in the short term for the bullish case to remain intact.
*This is not investment advice.