Key Takeaways
- XRP price has three key overhead resistances to face after holding above $2.
- Bears have recently outpaced bulls, with the altcoin’s price risking a decline.
- XRP price trades in a symmetrical triangle, but the ADX shows weakness.
XRP’s price action has kept traders on edge for months, teasing a potential breakout to new highs, but so far, it has fallen short.
After multiple failed attempts to rally, the altcoin has repeatedly lost key support levels, raising concerns about its near-term trajectory.
Now, XRP appears to be hovering just above its last major support. If bulls can’t hold the line here, a sharper correction may follow, one that most holders would rather avoid.
In this breakdown, CCN analyzes where XRP could head next if bears gain momentum, and what upside targets remain in play if bulls manage to defend the current structure.
XRP Battles to Maintain Support
XRP is struggling to break out, with the 4-hour chart showing stiff resistance at three key levels: $2.27, $2.30, and $2.34.
The altcoin has made several attempts to push through, but each rally has been short-lived.
Despite these efforts, the Relative Strength Index (RSI) remains flat near the neutral zone, signaling a lack of strong momentum in either direction.
That lack of bullish conviction has shifted the spotlight to the downside.
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Right now, all eyes are on a crucial support level at $2.08.
In the past, XRP has bounced from this zone to reach short-term highs.
But this time around, the Bear Bull Power (BBP) indicator is flashing red, suggesting that selling pressure is rising.
If bears manage to push XRP below $2.08, the token could face a deeper correction. Holding this line may be the bulls’ last chance to prevent a breakdown.
XRP Price Prediction: Correction Threatens
Analysis of the daily chart also shows that XRP is at a crucial point.
At press time, the altcoin was locked in a symmetrical triangle, with the upper trendline indicating resistance and the lower trendline representing support.
This support is also near $2.08, as shown on the 4-hour chart. While XRP’s price seems to be testing the triangle’s upper trendline, the Average Directional Index (ADX) shows that it might fail to rise above it.
Typically, an ADX reading above 25 indicates strong directional movement. Since it is below it, the recent attempt to move past resistance is weak.
Should this remain the same, XRP’s price might drop below $2. Sliding below $2 means it could see a correction toward $1.50.
However, if buying power increases, XRP’s market value might change. Should that be the case, the token might rise closer to $3.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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