XRP Approaches Critical Support: Will the Bears Take Over?
The price of XRP has moved into a narrow and clear range between the 100- and 200-day moving averages. Additionally, it was just rejected at the crucial 200-day MA close to $2.3. The price is currently trading close to the lower limit of this range as bearish pressure builds, which raises the possibility of a downside breakout and a possible correction.
Can XRP Hold the Line? Price Tests Crucial $2.2 Support
The 100-day ($2.2) and 200-day ($2.3) moving averages are the only two price ranges that XRP has lately entered. The 200-day MA’s latest failure demonstrates the lack of bullish momentum at this level and validates the ongoing presence of sellers.
XRP is currently challenging this range’s lower border close to the 100-day MA. The price might drop back to the $2.0 support, which is its most recent swing low, if there is a breakdown below, which would indicate a fresh bearish phase.
The price movement suggests that there is little chance of a short-term breakout from the long-term falling wedge that Ripple is currently trading within. This implies that the protracted consolidation might go on.
XRP Eyes Rebound After Pullback
XRP had momentarily emerged from a downward channel on the 4-hour timeframe, suggesting a potential trend reversal. However, the price retraced to retest the upper border of the channel after encountering rejection at the $2.3 barrier, which corresponds with a prior swing high. Now, this level serves as support. If XRP maintains this level and successfully completes the pullback, a new surge toward the $2.3 resistance is probably in order.
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