Ripple’s principal blockchain asset, XRP, witnessed a significant decline recently, dropping from $2.30 to just above $1.80. This sharp decrease marked one of the sharpest drops in recent weeks. However, XRP managed to bounce back, surpassing the $2 threshold once again. As the week draws to a close, XRP is showing signs of recovery, with a 6.4% rise in daily trading, pushing its price to $2.04. Analysts are focusing on new resistance and support zones for this altcoin as the market remains volatile.
XRP’s Key Resistance Level: $2.10
Technical indicators in the market highlight that the $2.00–$2.10 range presents a formidable selling barrier for XRP in the short term. Data from CW suggests that XRP must maintain its position above this band to sustain its upward momentum. Should XRP fail to do so, a downward pressure could once again affect its price. CRYPTOWZRD supports this view, emphasizing the importance of candlestick closures above the current range to disperse the negative sentiment; otherwise, the bearish outlook is likely to persist.
Warnings circulate about the potential for another acceleration in selling if $2.08 is not permanently reclaimed. Conversely, sustaining above $2.10 could set XRP on a path toward its next major target: the primary resistance line at $2.60. This threshold is seen as a potential confirmation of a short-term bull trend, which can solidify a positive outlook for XRP.
The First Defense Line: $1.75
In the event that the altcoin’s price turns downward, the $1.75 level emerges as the first critical support zone. According to analyst Ali Martinez, approximately 1.8 billion XRP tokens have accumulated at this level, structurally reinforcing its significance. However, should the price drop below this mark, a deeper correction down to $1.50, as projected in Crypto Tony’s analysis, could unfold as the worst-case scenario.
Tony notes that if such a scenario materializes, XRP might experience a period of sideways trading before it can recover to the $2 region. Despite showing positive daily momentum, XRP trades at a 10.2% weekly and a 16.5% monthly decline. Moreover, it remains 45% below its all-time high reached in July.