- XRP’s short-term price movement hinges on breaking $2.33 and $2.45 to confirm bullish momentum.
- Clearing the $2.33 and $2.45 resistance levels would reduce the chance of a deeper price correction for XRP.
- XRP’s potential for a bullish run depends on overcoming key levels; failure may lead to continued bearish pressure.
The current resistance levels are crucial for the short-term price fluctuations of XRP. The cryptocurrency has also been showing signs of weakness since it is still below the upper edge of the Bull Market Support Band. Egrag Crypto reveals that for XRP to confirm bullish pressure the price needs to break past $2.33 and $2.45 levels. These levels are of paramount importance to eliminate any negative bias and create a platform for possibly an upwards movement.
These two prices are even more significant because they are part of the Bull Market Support Band. Clearing these levels will reduce the chance of deeper correction or retest of lower support levels. Moreover, the 0.702 Fibonacci level corresponds to a breakout point derived from the prior price action. This is why it becomes an even more crucial level to monitor because it could mark the reversal of the current market trend.
Source: X
XRP Struggles to Break Key Levels
For now, the price of XRP is failing to breach these levels and this means either stagnation or weakness of the coin. This means that if XRP fails to move past these levels, bearish pressure is likely to persist in the market. This could prevent the cryptocurrency from rising significantly and maintain its price below certain levels. Traders continue to monitor these levels to see if XRP can break higher to new highs.
While the current market outlook is rather negative, experts have quite a positive outlook for the future of token. According to a particular analyst, there is the possibility that the cryptocurrency will rise in the following months if it manages to overcome these zones. He also pointed out that in the short-term, things might shift significantly, and the next couple of days will likely decide the fate of XRP value moving forward. As of press time, XRP is trading at $2.19, showing a 0.14% increase over the past day.
Source: TradingView
Thus, for the short-term outlook for XRP, it depends on its development above the $2.33 and $2.45 levels. If all these levels are breached to the upside, XRP could experience a bullish run to new all-time highs. These levels are important to token price action as it determines the direction of the crypto’s prices in the market.
Read More: XRP’s Big Breakout Incoming: Will $2 Level Spark a 70% Rally?
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