XRP price has returned to a crucial support level at $2.3 after multiple failed attempts to break through key resistance zones. The asset had surged to nearly $2.7 last week but struggled to maintain momentum amid increased selling pressure.
On Wednesday, bulls initiated another push, briefly sending the price to $2.65. However, the move was short-lived as XRP faced a quick rejection and dropped to $2.3 by Friday. The rally over the weekend moved XRP up again, but the price was halted before reaching $2.5 again.
XRP is hovering around $2.3, a level tested several times in recent weeks. Crypto analyst Ali Martinez has noted that this area is critical, mentioning that if XRP cannot maintain a price above $2.3, it will likely fall to $2. Since the beginning of this year, this range has been a significant support level, and it could be tested again.
Source: Ali-Charts
Also Read: 36,000% XRP Liquidation in One Hour? What is Going On?
There is further evidence to worry about, as Whale Watch Perps found that a major trader with a proven profit and loss record has reduced their long-term position in XRP. This may indicate that leading players are losing confidence, which could signal a potential risk ahead.
Market Indicators Point to Uncertain Outlook
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Although the market looks bearish, there are signs that the recovery could continue. Martinez said that XRP signaled a purchase opportunity on the hourly chart when TD Sequential showed its buy signal following the drop to $2.3. This indicator has often marked quick rises in prices before.
At the same time, attention towards XRP is growing, as Xoom reported a rise in Google searches for the asset last week. When everyone is talking about cryptocurrencies, it is common for the prices to go up, mainly after a long period of little or no attention.
Source: Xoom
Over the next few sessions, we will see if XRP can stay above $2.3 or if it faces enough negativity to fall below $2. People are still paying close attention to large investors, significant support levels, and signals from technical indicators.
Analysts are closely monitoring XRP, as they expect it to drop to $2 if it does not hold its current position of $2.3. Whales have moved their assets recently, and the repeated refusals at higher prices suggest that the market is unsure where to go.
