XRP Price Needs To Hold This Macro Support For Hope Of Revival
XRP has experienced a period of decrease in price, slipping to around $2 after an unsuccessful effort to maintain higher levels above $2.10 earlier in the week. The selling pressure, while present, has been managed rather than aggressive, indicating a controlled market response despite the negative trend. Each attempt to recover has faced resistance from a local trendline positioned near $2.165, highlighting a clear ceiling for the current price action.
A technical analysis by crypto analyst CasiTrades suggests there is a significant macro support level at around $2.03, which corresponds to the 0.5 Fibonacci retracement level. This level has historically acted as structural support in the price chart and has shown resilience in recent trading. Currently, XRP is priced at approximately $2.04 after rebounding from a low of $1.99 observed within the past 24 hours.
The analysis emphasizes the importance of this support level, noting that XRP’s previous interactions with this price zone suggest strong demand from buyers, who have intervened to prevent further declines. Although there have been moments when XRP dipped below the 0.5 Fibonacci level, these movements have not displayed follow-through selling, maintaining the price above critical thresholds. Specifically, the price has not breached below the $1.97 mark, which is identified by the analyst as the level that would indicate a shift towards a deeper bearish trend.
As long as XRP remains above this threshold, there is potential for price recovery rather than a steep decline. The analysis presents two primary scenarios for future price action, heavily reliant on market behavior at this macro support level.
Two Distinct Scenarios
In a bullish scenario, if XRP can maintain its position above $1.97, it leaves room for potential price increases. As long as the price stays above this critical support, a more substantial rally is still feasible. The analyst points out that a significant breakthrough above the macro resistance near $2.41 would verify a stronger upward trajectory, potentially leading XRP's price towards targets in the $2.75 to $2.90 range.
Conversely, a drop below the $1.97 support would invalidate the current bullish framework and shift focus toward the next macro Fibonacci retracement level, identified at $1.64. This alternative scenario underscores another significant support level that could emerge if selling pressure worsens. The analysis's visual representation of these scenarios starkly outlines the bullish and bearish paths, illustrating the critical nature of the current market dynamics.
Currently, no decisive confirmation in either direction has occurred, leaving XRP in a crucial market position. The defense of this macro support level is essential for any meaningful revival attempt, and traders are advised to monitor developments closely. Overall, the situation depicts XRP at a crossroads, balancing between potential recovery and heightened selling risk.
Sources
Disclosure: This article is for informational purposes only and does not constitute investment advice.
