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Cryptocurrency analytics firm MakroVision has released an update on XRP, assessing its current market position and the potential for a breakout. According to the latest assessment, XRP is once again approaching key resistance levels and testing critical trend lines.
According to the analytics firm, XRP is struggling against the descending trendline and the $2.48 resistance. A successful break above this level could be an early bullish signal. It is crucial to maintain the support range between $2.19 and $2.23 to continue the short-term bullish momentum.
Here are the critical areas in the XRP price according to company analysts:
- $2.48 – $2.65: This is a key resistance zone. A confirmed break above $2.65 could attract more buyers and strengthen the bullish sentiment.
- $2.80-$3.06: A key resistance area where XRP could face selling pressure. However, if XRP manages to break out sustainably, it would suggest a strong bullish reversal.
- $2.03: A key support level, if XRP drops back to this price it could signal weakness and a bearish outlook.
- $1.54 – $1.40: This “Golden Pocket” could act as a target in case of strong selling pressure.
At the time of writing, the XRP price is trading at $2.41 and has gained 2.73% in the last 24 hours.
*This is not investment advice.