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Cryptocurrency analytics firm MakroVision has released an updated assessment of $XRP’s price action, sharing ongoing bearish pressure and key resistance levels.
According to the analytics firm, $XRP has once again been rejected from resistance and is under selling pressure. The critical resistance range of $2.58-$2.65 has not been breached, indicating continued weakness in the market.
According to analysts at MakroVision, $XRP continues to form lower highs, reaffirming the prevailing downtrend. The break below $2.19 has brought the short-term bearish outlook back into focus.
The recent upward move appears to be corrective in nature and a break above $2.65 is needed to confirm continued strength.
Analysts have identified key points for the $XRP price as follows:
- $2.22: A short-term trigger level for a potential recovery.
- $2.58-$2.65: A critical resistance cluster consisting of the horizontal resistance and the 0.5 Fibonacci retracement level. $XRP has repeatedly failed to break above this zone, cementing its importance.
- A break above $2.65 could change the technical outlook positively.
- $2.03: This level is under increasing pressure but remains a key support level.
- $1.54 – $1.40: A key area that contains the golden pocket Fibonacci retracement and represents the next downside target if $2.03 fails.
At the time of writing, the $XRP price is trading at $2.12.
As long as the $203 support holds, a recovery remains possible. However, without a clear break above $2.65, $XRP could remain stuck in the broader downtrend.
*This is not investment advice.