- XRP rejected at $3.45, triggering market focus on support.
- Analysts monitor $2.65 zone as bulls defend key structure.
- Reversal pattern mirrors January drop, raising short-term caution signals.
XRP recorded a notable pullback this week after testing the $3.45 resistance level, triggering renewed focus on the asset’s key support zones. According to chart insights shared by market analyst Egrag Crypto, the reversal followed a previously identified bearish candlestick pattern that has reappeared in XRP’s price action.
The latest rally propelled XRP to the $3.45 mark, but heavy selling removed it very quickly. This rally resembled previous market actions in January or May when prolonged drops followed similar candlestick formations. Failure to maintain a close above the body of the key Shooting Star candle reinforced the bearish tone in the short term.
Although rejections at higher levels were seen, the structure of XRP has managed to hold above such heavy support levels, especially the one at $2.65. Investors are closely monitoring whether the asset can find some support in the area, or more bears could apply the needed impetus to see the price nearer to the bottom bullish target at around $1.85.
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Key Resistance Level Sparks Market Caution as XRP Retreats
Egrag’s chart categorized XRP’s trend within four distinct zones. Region 4, dubbed “Valhalla,” begins at $3.45, where XRP briefly entered before retracing. The current price action places the token back within Region 2, labeled “Super Bullish,” with Region 1 starting near $1.80 acting as the final bullish defense line.
Source: Egrag Crypto
The technical reversal occurred just five bars or 35 days after a key bullish candle formation, aligning with the projected timeframe for a potential rejection. Market analysts are currently evaluating the possibilities of XRP consolidating at its current level or whether breaking the $3.45 will be a short-term high.
With the price trend continuing, it is vital that the market hold the price above $2.00 at least to keep investor confidence intact. Failure to make a new higher high below this level would destroy the bullish structure and increase the probability of an extended consolidation.
XRP’s rejection at the $3.45 resistance level has shifted market attention to nearby support zones. Price stability in the coming days will be critical in determining whether the bullish trend remains intact.
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