XRP price has recently fallen below the crucial $3 mark and is currently trading at $2.90 levels, experiencing a decrease of more than seven percent in the last 24 hours. The price movement of XRP suggests the completion of a triangle pattern, which has broken to the downside. Despite this decline, there is no confirmation of a breakout to the upside yet. The market is currently in a consolidation phase, with uncertainty surrounding its next move.
In the broader cryptocurrency market, Bitcoin has dropped below the important $100k mark, and Ethereum is testing crucial support levels as well. Most of the top 10 cryptocurrencies are facing losses ranging from 7-11 percent.
Critical Support Levels and Invalidation Points
The $2.52 support level holds significance in determining the future direction of XRP. To maintain a bullish outlook, XRP must sustain support above this level. A breach below $2.52 could result in a deeper correction and challenge the overall bullish thesis. However, as long as the price remains above the $2.32 level established on January 13th, the bullish scenario remains valid.
Short-Term Price Action and Resistance Levels
In the short term, XRP is displaying weakness as it continues to correct. However, this does not necessarily indicate a complete reversal. Breaking above key resistance zones, particularly the $3.14-$3.15 range (the peak of the triangle pattern) and the $3.21 level, would suggest the correction is likely over. A breakout above these levels could signal XRP’s readiness for the next major rally towards higher prices.
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