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The XRP market continues to be trapped within an overall larger sideways range. Recently, the market experienced a sharp decline, but the price only dropped from the top of the range at $3.40 down to the $1.96 level, which has acted as a key structural support.
The $1.96 level, in particular, has been tested multiple times since early December 2024 and has shown resilience. Although the price momentarily dropped below this level, it quickly rebounded, signaling strong buying interest. This suggests the $1.96-$2.40 range remains a crucial area to watch.
Looking further into the chart, the analysts identify two main ranges: the wider range, which extends down to the $1.20 support area, and a narrower range between $1.96 and $3.40. The larger $1.20-$3.40 range is important to understand, as it serves as the foundation for long-term price behavior.
Potential for Price Pullback:
As of now, XRP appears to be in the midst of a pullback, with the price possibly facing a corrective phase. The rally from Monday’s low seems to be corrective in nature, meaning there’s a risk that it could reverse and lead to further downside. For confirmation of a more significant pullback, we would need to see the price break below the previous swing low at $2.48. If this happens, the $1.20 support zone will become more relevant for those tracking the long-term trend.
Is XRP Stuck in a Range?
The XRP market is currently consolidating within a defined trading range. While it’s impossible to predict how long this range will last, the market is likely to remain within this range for some time. The price is currently down by more than 7 percent and is retesting the levels below $2.55.