- XRP tests key support—moonshot or breakdown, the choice is critical.
- ChartNerd warns: XRP faces major decision at critical support level.
- Will XRP hold support or face a significant price sweep?
XRP traders are closely monitoring the cryptocurrency’s current price action as it approaches a critical demand zone. According to market analyst ChartNerd, XRP is at a pivotal juncture. The asset’s price is back at a key demand/liquidity zone, a level that has historically triggered strong bounces. This zone has been respected multiple times, and ChartNerd highlights that it’s now make-or-break for the cryptocurrency’s short-term future.
If the demand zone holds and strong buying pressure returns, XRP could see a substantial move higher, potentially marking the start of a moonshot. However, ChartNerd warns that if demand fails to materialize at this level, a breakdown could follow, leading to a significant downside sweep. The outcome of this key test will likely dictate the next major price move for XRP.
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The Crucial Role of the Descending Broadening Wedge
ChartNerd’s analysis also brings attention to the technical pattern currently shaping XRP’s price structure. The descending broadening wedge is a critical factor to watch, as it suggests volatility and heightened market uncertainty. If the price holds the key support level at this demand zone, the pattern could turn into a bullish breakout, sending XRP higher.
On the flip side, if XRP fails to hold support, the descending broadening wedge pattern could lead to further declines, triggering what ChartNerd refers to as the “Lower Base Sweep.” This scenario would likely see XRP’s price fall significantly, revisiting lower price levels and potentially erasing recent gains.
Support Levels: A Make-or-Break Moment for XRP
As ChartNerd emphasizes, XRP is testing a multi-month support level that has been pivotal for its price action in the past. If the support level holds, traders may expect a bullish continuation, pushing XRP higher. However, if the price breaks through this level, it would signal a bearish shift, with further declines likely to follow.
This crucial moment marks a key decision point for XRP’s future. The next few days will determine whether XRP can mount a successful rebound from this demand zone or whether it will experience a significant sweep to the downside. As ChartNerd’s analysis suggests, the market is in a precarious position—XRP’s fate now hinges on the strength of this key support level.
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