The cryptocurrency market continues to keep traders on board, and XRP is no exception. Let us decompose what is happening with the action of XRP prices and the important levels of support and resistance to monitor.
XRP bounces from the key support area
On the daily graphic, XRP recently rebounded from a key support area between $ 2.10 and $ 2.15. This area has been reported as an important level, and for the moment, the price is stable above this beach.
If XRP falls below this support, the following levels to look at would cost about $ 2.05 and $ 2.00. A drop of less than $ 2.00 could report a greater drop in the coming days or weeks.
Tow model and reverse shoulders in progress?
Technically, XRP may form a reversal head and shoulder motif on the daily time. This is often considered as an upward configuration.
In order for this model to confirm, XRP must bounce higher in the coming days and pierce the resistance area in the gold pocket between $ 2.56 and $ 2.62. A confirmed break greater than $ 2.62 could open the doors for a solid rally to new heights of all time.
However, for the moment, this model is only a possibility – it has not yet been confirmed.
Resistance areas that could slow down XRP progress
Before XRP reaches resistance to the golden pocket, it will face other challenges. The price will have to eliminate resistance levels between $ 2.33 and $ 2.34, then again almost $ 2.43 to $ 2.44. Another major barrier amounts to $ 2.48, which was a level of swing key in the past.
These areas could lead to short -term withdrawals or breaks while traders take profits and reassess the market situation.
Market reaction: an current rebound
In the short term, XRP shows a minor rebound, often called a rebound of four waves in technical analysis. This small movement occurred after the support tested by the price between $ 2.07 and $ 2.08. Although the price has not completely reached the expected bar of $ 2.06, the reaction suggests that traders are always active around these levels.
