As the XRP market recently shows a steady trend, market participants are focusing on whether there will be an upward breakthrough or further decline. Let's take a detailed look at the current chart movement and future prospects.
Ripple (XRP) has recently experienced a slight adjustment along with the overall cryptocurrency market cooling. It fell below the main retracement level but formed a solid support line at around $2.30. The $2.30-$2.34 range, which analysts have been watching, has been acting as a safety net and showing a rebound from the bottom.
However, if the daily closing price is formed below $2.30 and cannot quickly recover, the possibility of further decline increases. In this case, the next major support line is expected to be in the $2.10-$2.15 range.
Despite the recent adjustment, XRP's overall trend is still maintaining an upward momentum. It is showing a typical upward trend with gradually rising highs and lows, and the current situation is interpreted as a temporary interruption of the upward momentum.
In terms of resistance, there is immediate pressure at $2.44, and the $2.55-$2.62 range is acting as a more important resistance level. Breaking through these levels is crucial for recovering the upward trend.
Interestingly, if XRP declines to $2.10-$2.15 and then rebounds, a large head and shoulders pattern could form on the daily chart. This is a representative bullish pattern that signals a major trend reversal.
Currently, this pattern is not confirmed, but it is necessary to observe the future development. If the pattern is completed and breaks through the golden pocket retracement zone, a strong upward movement could follow, and some analysts are suggesting the possibility of reaching a new all-time high beyond $3.
Some analysts believe that a 5-wave decline structure may be in progress from the recent high. If this scenario is correct, the current phase is the second retracement, and further decline may continue to test the major support line.
In this scenario, the micro resistance zone to watch is $2.35-$2.44. If rejected in this range, downward pressure may continue in the short term.
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, Unauthorized reproduction and redistribution prohibited>
