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- XRP shows strong resilience, with bulls defending key Blue Zone support multiple times.
- Market makers press on support, creating a volatile environment that could lead to a breakout.
- The price range between $2 and $3.4 is seen as market noise, with a breakout expected soon.
XRP has particularly performed relatively well in most of the recent market scenarios and has even touched the Blue Zone support several times. Bulls have come to the defense of this important inflection point every time to suggest that there are many buyers waiting in this area. Such action points to loyalty among the buyers, arguably there may be a possibility of an upward trend if the market settles. Nonetheless, XRP shows that it still can hold a key support level and that is very important for bulls.
Bulls vs. Bears Battle
Market makers are now employing a systematic approach of squeezing the remaining bulls. They keep pressing on the support level until it succumbs to their pressure. This rule applies not only to support levels but also to resistance zones as well. The bears evidence gets pushed multiple times at the latter, which leads the latter to develop a likelihood of a breakout. The oscillation between bulls and bears indicates a volatile market, where the bulls’ strength meets the bears’ strength.
According to the analyst the price range between $2 and $3.4 is considered as a ‘noise of the market’. It is in this range that market fluctuates without any market trend as the traders have relatively more flexibility in their movements. The market is in a consolidation phase where short-term movement offer good trading opportunities to individuals. However, the analyst explained that we may expect a clear breakout or breakdown in the near future as the prices extend beyond this range.
Key XRP Levels to Watch
This is a precarious situation that forces the market to test Blue Box support with indications of a buyer exhaustion. Despite this, the repeated testing of this level shows that bulls’ momentum may be losing steam at this level. Strong support at the $3.4 level hinders further upward movement on the charts. For traders the outlining event will happen at this resistance level either a breakout or a failure, which will dictate the next course of action. As of press time, XRP is trading at $2.11, showing a 4.57% increase over the past day.
Source: TradingView
For the bulls to start emerging, there are several levels that traders ought to look at for the signals. These include $2.20, $2.30, $2.60, $2.83, and $3.10. A close above $3.4, therefore, would mean a shift in the market pattern and could mean constant rising. The bearish factor mentioned by the analyst was on the 21 EMA recent crossing of the 100 MA, which might suggest intensification of selling pressure.
