Ripple’s XRP is currently facing a slight downturn, down by over two percent and trading at the $2.41 levels. Despite this decrease, the altcoin remains in a larger bull market, with no confirmed lower highs or lows on the weekly time frame. While XRP has experienced a short-term bearish trend in recent weeks, it is still within the larger bullish market.
Looking ahead, XRP is currently testing support levels between $2.33 and $2.40. If it fails to hold above these levels, the price may drop to the next support area between $2.00 and $2.23. However, if XRP manages to stay above $2.40, a break above $2.62 could potentially lead to a rally towards $3.00, with a possible test of the all-time highs near $3.25.
In terms of support and resistance levels, the main resistance zone to watch is between $2.90 and $3.00. On the downside, the first key support lies between $2.33 and $2.40, with further support between $2.00 and $2.23. The upper boundary of the trend channel is also acting as support, and a break above this level could result in a more aggressive breakout.
Analyst Josh of Crypto World has weighed in on the situation, stating that a close below $2.40, especially under $2.29, could indicate a drop towards support levels around $1.90. Strong support is found around $2, where previous resistance is now acting as new support. While there are possible signs of a reversal for XRP, there is still a lack of confirmation for a solid bullish breakout.
Overall, XRP’s current price levels and technical indicators suggest a mixed outlook for the altcoin. Traders and investors will need to closely monitor key support and resistance levels to gauge the potential direction of XRP’s price movement in the coming days.