The price action of XRP has been unstable and sideways, with no clear trend emerging. Currently, there is no indication of a strong trend or reversal, leaving the market in a state of indecision. XRP is moving in a possible triangle pattern, but it is still unclear whether this will resolve into an upward or downward breakout. At the time of writing, XRP is trading at $2.10.
The influence of Bitcoin on XRP
Bitcoin’s recent decline suggests that further declines could be expected for altcoins, including XRP. However, XRP is currently within a micro-support zone between $2.04 and $2.21. This level provides some support, but it is not strong enough to confirm a reversal or significant price action.
Price targets and key levels
If XRP continues to consolidate, the price could aim for a higher level in the range, possibly reaching around $2.50. However, there is no clear indication that a price surge is coming. If the price breaks below the $2.04 support level, it could signal a deeper decline, with the next potential support zone located around $1.8.
Blue scenario: deeper decline
If XRP falls below $2.04, the likelihood of a larger price correction increases. In this case, the next support levels to watch would be $1.8, $1.63, and $1.53. Further decline could see price levels approach $1.36 to $1.39, where a stronger buying reaction could be seen.
Coinpedia analysis (short term):
XRP price is currently facing resistance at key levels, $2.2857 and $2.2821, suggesting strong overhead pressure. Additional resistance lies at $2.2442 and $2.2131, with a potential retracement seen at the 38.2% level from the 4-week low, which is near $2.1807. The pivot point is set at $2.1648, while the previous close stands at $2.1441 and the last price is at $2.1037, indicating bearish sentiment in the market.
At present, the outlook for XRP is cautiously neutral. If the price holds above $2.0958, it could attempt to advance towards higher resistance levels. However, if the price falls below $2.0707, it could see further declines, with the next key support area near $2.0475.
