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XRP has been relatively quiet over the weekend, with little sign of a strong breakout. While the broader crypto market remains volatile, XRP is currently in a corrective phase, and there’s no clear indication of a major move upward for now. The price is stuck within a narrow range, with support and resistance levels dictating its short-term direction. At the time of writing, XRP is down by more than three percent and is trading at $2.39.
XRP Faces Resistance at Key Levels
The most critical resistance level for XRP is between $2.51 and $2.72, which represents the 50% to 88.7% retracement area. For bulls to regain control and start pushing prices higher, they need to break above this zone. As of now, it’s the bears who seem to dominate, as the price is correcting after a previous rally that saw XRP rise from a low of around $2.10 to a high of $2.80.
This correction, while expected, suggests that the bears are currently in charge, pushing the price lower. The latest bounce from the 50% retracement level appears corrective, indicating that the upward move might not be sustainable just yet.
Potential Scenarios for XRP: A Range-Bound Market
XRP is currently stuck within a defined range, and for now, support levels established over the weekend remain in play. This support, which was defined at key Fibonacci levels, has held strong so far. However, this consolidation phase can’t last forever. A breakout, either to the upside or downside, is expected soon. If the bulls can push past the resistance at $2.80, the next target would be a breakout above the Monday high, which could indicate that the corrective phase is over and a new rally could begin.
However, the current trend points toward the possibility of another dip, potentially down to $2.11 or even $1.95 before any further upward momentum.