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Ripple’s XRP is currently down by more than five percent and is trading near the $1.40 levels. Majority of the top ten cryptocurrencies are trading in red and Bitcoin has also dropped below the $98k levels. XRP, however, recently experienced some price action, with a brief surge followed by a pullback. After reaching the $1.60 to $1.70 resistance zone, XRP has faced a slight pullback. Here’s a breakdown of price analysis by analyst Josh of Crypto World:
Resistance Levels:
Over the last couple of days, XRP has faced rejection at a key resistance zone, ranging between $1.60 and $1.70. This resistance level has been seen as a target after XRP broke above the $1.30 Fibonacci level.
As expected, XRP hit the $1.60 to $1.70 range and is now struggling to break through this area. If XRP can break above this level and confirm it as support, we could target $2.00 as the next major resistance zone.
Support Levels:
Currently, XRP is finding support around the $1.30 level, which aligns with the 78.6% Fibonacci retracement. This level has been significant in the past, and XRP is holding steady at this price point in the short term.
However, if the price dips below $1.30, particularly if it closes below $1.25, we could see a further drop. A break below this range could signal a pullback to around $1.00, which would be the next major support level.
Conclusion:
The analyst said that the pullback seen in the past day is part of the natural market cycle, and it is still a healthy correction before further potential upside movement. The price is holding support at $1.30, and as long as it stays above $1.25, the bullish outlook remains intact.